Assistant Treasurer, Senator Nick Sherry, has released a second consultation paper on reforms to goods and services tax (GST) administration.
The announced measures implement recommendations made by the Board of Taxation in a report to the Government last year.
The key components of the package of reforms include:
- harmonising the GST law and the income tax self-assessment and rulings regimes;
- adopting more principled and flexible GST grouping rules;
- simplifying the GST adjustment provisions; and
- reforming the GST treatment of sales of going concerns and farmland.
The second discussion paper includes GST self-assessment, adjustments, general law and tax law partnerships, bare trusts and running balance accounts.
The majority of the measures will apply from 1 July 2010.
Consultation closes on 9 October 2009.