The Taxation Institute of Australia (Taxation Institute) is pleased to provide the following submission prepared by our GST Subcommittee, in response to the consultation paper on the review of the financial supply provisions contained within the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and the A New Tax System (Goods and Services Tax) Regulations 1999 (GST Regulations or Regulations). The Taxation Institute thanks the Treasury for inviting the Taxation Institute to participate in the meeting held on 3 July 2009 in Canberra.
Pursuant to the meeting, the Taxation Institute understands that the review of the financial supply provisions will be an iterative process, in that there will be continuing dialogue throughout the review. As a consequence, the following submission focuses on the main issues raised, and the Taxation Institute is prepared to make further, more detailed submissions on one or more of the points if required by the Treasury.
Whilst many of the points were raised and undoubtedly captured in the meeting, the Taxation Institute would like to outline the points below for completeness.