Exposure draft - Assessment of Indirect Taxes (revised)

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On 18 January 2011, the Assistant Treasurer released for public consultation exposure draft legislation to harmonise the self actuating system for goods and services tax (GST), wine equalisation tax (WET), luxury car tax (LCT) and fuel tax credits with the income tax system of self assessment.

In response to submissions, the Government announced in the 2011-12 Budget that the start date for the measure would be deferred to allow for further consultations.

The Assistant Treasurer has now released revised exposure draft legislation for public consultation. The revised draft legislation seeks to address some of the issues arising from public consultation.

The amendments contained in the draft legislation will:

• harmonise the self actuating system for GST, LCT, WET and fuel tax credits with the income tax system of self assessment through the establishment of a set of generic assessment provisions;
• allow for the four year period of review to be refreshed in respect to particulars that have been amended;
• allow the Commissioner to make a determination allowing a taxpayer to correct errors from a preceding business activity statement on their current business activity statement; and
• clarify that LCT and WET are included in the calculation of the net amount.

These proposals will give effect to recommendations 19, 21 and 42 of the Board of Taxation’s Review of the Legal Framework for the Administration of the Goods and Services Tax.

Making a submission

Interested parties are invited to comment on the exposure draft material. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Tuesday, 20 September 2011

Address written submissions to:
The General Manager
Indirect Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: GSTadministration@treasury.gov.au

For enquiries, please call Jenny Lin (02) 6263 3865.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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