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.