The Rudd Government has today introduced a Bill for further reforms to make the GST simpler and cheaper for taxpayers to comply with.
The Tax Laws Amendment (2010 GST Administration Measures No. 2) Bill 2010 streamlines the GST law with a range of improvements to its administration.
"This Bill makes a number of important changes to GST administration and clarifies a number of areas which have been of concern to taxpayers," the Assistant Treasurer said.
"The proposed changes continue the process of simplifying the law and of reducing GST administration costs."
The Bill contains the following measures to further implement the recommendations made by the Board of Taxation in its review of GST administration:
- allowing entities to self assess their eligibility to form and make changes to a GST group or GST joint venture and to do so at any time during a tax period;
- introducing clear exit rules for entities leaving a GST group or GST joint venture by allowing entities to enter into indirect tax sharing agreements in relation to their indirect tax liabilities;
- adopting the general tax ruling system for GST and other indirect taxes administered by the Commissioner of Taxation; and
- introducing clearer and more flexible rules for tax invoices.
The amendments all apply from 1 July 2010.