The Government announced on 11 May 2010 that it would enact a package of 7 measures in response to Treasury’s Review of the GST Financial Supply Provisions.
Four of the 7 measures were included in the A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No 1), which was registered on the Federal Register of Legislative Instruments on 29 May 2012.
The other 3 measures are being implemented by amendments contained in Schedule 3 to the Tax Laws Amendment (2011 Measures No 9) Act 2012.
Consultation on proposed design and implementation options was conducted between 30 June 2010 and 30 August 2010 through the release of a discussion paper in June 2010. Ten submissions in response to the discussion paper were received.
In addition a consultation meeting was held in Canberra on 19 October 2010 with a wide range of stakeholders attending.
Consultation on the draft regulations was conducted between 13 January 2012 and 24 February 2012. Twelve submissions in response to the exposure draft were received, including one from The Tax Institute. For access to these submissions, go here and click on View Submissions