The Rudd Government has taken another step in the reform of the administration of the Good and Services Tax (GST), with the Assistant Treasurer, Senator Nick Sherry, today releasing for public comment a second tranche of draft reform legislation.
"The Rudd Government is forging ahead with its plans to reform GST administration to make it simpler and less costly for business owners to meet their obligations," the Assistant Treasurer said.
"This draft legislation clarifies the GST law and ensures that it applies appropriately."
Today's draft legislation implements two further recommendations made by the Board of Taxation in its review of GST administration, namely:
- clarifying that input tax credits can be taken into account in later tax periods; and
- allowing GST adjustments for third party payments.
"I encourage anyone with an interest in improving the administration of the GST to look at the proposed legislation and provide their views," the Assistant Treasurer said.
"The input of stakeholders plays a central role in designing law changes and the Rudd Government is committed to consulting before finalising the legislation."
An earlier tranche of legislation was introduced to Parliament on 25 November 2009, following consultation on exposure draft legislation and exposure drafts for further measures will be released for consultation in coming months.
The draft legislation is available at www.treasury.gov.au and consultation closes on Monday 18 January 2010.