In the 2011-12 Budget (Budget Paper No.2, page 27) the Government announced that it will extend the current goods and services tax (GST) instalment system to allow access for small businesses that are in a net refund position. A discussion paper was released for public consultation on 6 June 2011. As a result of submissions the measure was altered to allow only those businesses already using the instalment system to continue to use it if they move into a net refund position.
The exposure draft package includes the draft legislation and explanatory memorandum allowing businesses in a net refund position to continue to use the GST instalment system, and is the basis for consultation.