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Exposure Draft - GST Financial Supply Provisions

Date:

Thursday, 18 August 2011

Content ID:

2128

Abstract:

In the 2010-11 Budget the Government announced that it will amend the financial supply provisions of the GST law to clarify the operation of the legislation and reduce compliance and administrative costs, particularly for many small businesses, with effect from 1 July 2012.

The Assistant Treasurer has now released draft legislation for the implementation of three of the measures agreed to by the Government. The key features of the amendments include:

  • increasing the financial acquisitions threshold input tax credit test from $50,000 to $150,000;
  • allowing small businesses that account on a cash basis to access full input tax credits upfront when they enter into hire purchase arrangements; and
  • excluding bank deposit accounts from the current special rules for borrowings.

Draft regulations to implement the remaining measures will be released for consultation at a later stage.

Making a submission

Interested parties are invited to comment on exposure draft material. While submissions may be lodged electronically or by post, electronic lodgment 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: Friday, 16 September 2011

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

Email: FinancialSupplies@treasury.gov.au

For enquiries, please call Rob Dalla Costa (02) 6263 3328.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Draft Explanatory Memorandum - GST financial supply provisions  47.79kb
Exposure Draft Legislation - GST financial supply provisions  22.13kb
GST Financial Supply Provisions - Summary of Consultation Process  139.94kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Draft Explanatory Memorandum - GST financial supply provisions  395.21kb
Exposure Draft Legislation - GST financial supply provisions  4,576.15kb
GST Financial Supply Provisions - Summary of Consultation Process  874.90kb

Related Items:

Discussion Paper - Implementation of the recommendations of Treasury's review of the GST financial supply provisions - 30/06/2010
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Review of the GST Financial Supply Provisions - Consultation Paper - 12/05/2009
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Submissions: Exposure Draft - GST Financial Supply Provisions - 23/11/2011
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