01 May 1212 Self assessment for indirect taxes
The legislation implements recommendations 19, 21 and 42 from the Board of Taxation's review of the GST.
The legislation amends Taxation Administration Act 1953 and other taxation acts to:
- harmonise the current self-actuating system that applies to GST, luxury car tax (LCT), wine equalisation tax (WET) and fuel tax credits with the income tax system of self-assessment
- allow for a four year period of review that will be refreshed in respect to particulars that have been amended
- allow the Commissioner to make a determination that a taxpayer can correct errors for a preceding business activity statement (BAS) on their current BAS
- confirm that LCT and WET are included in the calculation of the net amount
- establish a set of generic assessment provisions.
These changes take effect from 1 July 2012 and will apply to tax periods and fuel tax return periods starting on or after 1 July 2012.
The existing self-actuating system will continue to apply to tax periods and fuel tax return periods starting before 1 July 2012.