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29 Feb 12 Indirect Tax Laws Amendment (Assessment) Bill 2012 introduced

On 29 February 2012, Indirect Tax Laws Amendment (Assessment) Bill 2012 was introduced into the House of Representatives. The following is an extract from the Explanatory Memorandum.

SCHEDULE 1 to the Bill amends the Taxation Administration Act 1953, the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and other taxation Acts to harmonise the current self actuating system that applies to the goods and services tax, the luxury car tax, the wine equalisation tax and fuel tax credits with the self assessment system for income tax. These amendments apply to tax periods and fuel tax return periods commencing on or after 1 July 2012.

SCHEDULE 2 to the Bill amends the GST Act and the Fuel Tax Act 2006 to legislate the Commissioner of Taxation’s power to make a determination allowing a taxpayer to take into account, on his or her goods and services tax or fuel tax return for the current tax period or fuel tax return period, errors made in working out net amounts and net fuel amounts for preceding tax periods or fuel tax return periods. These amendments apply to tax periods and fuel tax return periods commencing on or after 1 July 2012.

SCHEDULE 3 to the Bill amends the GST Act to confirm that the luxury car tax and the wine equalisation tax are part of the ‘net amount’ that is calculated under the GST Act. Schedule 3 also makes amendments to create a single ‘net amount’ definition that applies differently to reflect differing circumstances. These amendments apply to tax periods commencing on or after 1 July 2012.

SCHEDULE 4 to the Bill makes technical corrections and other minor amendments to the taxation laws. These amendments are part of the Government’s commitment to the care and maintenance of the tax system. These amendments commence from Royal Assent unless otherwise stated in this Explanatory Memorandum.

Treasury advises that it received 5 submissions in response to the revised exposure draft of the Bill, released on 22 August 2011, including one from The Tax Institute. 3 of the submissions are public and are accessible here

 


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