- Date
-
24 Jun 2004
- Chamber
-
House of Representatives
- Status
-
Not Proceeding
-
Portfolio
-
Treasury
- Summary
-
Amends the
A New Tax System (Goods and Services Tax) Act 1999
and Taxation Administration Act 1953
to: allow certain small businesses and non-profit bodies the option to report and pay the goods and services tax (GST) on an annual basis; allow small businesses to undertake annual apportionment of input tax credits for certain acquisitions and importations used for partly creditable purposes; and remove the requirement for an entity to make an annual election to continue with the option to pay GST by instalments. Also contains application provisions.