Review of the GST Financial Supply Provisions - Consultation Paper

Date:

Tuesday, 12 May 2009

Content ID:

1529

Abstract:

The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, The Hon Chris Bowen, has announced that Treasury will undertake a review of the financial supply provisions of the GST with a view to reducing their complexity and introducing more principled rules, while maintaining the existing policy. This follows a recommendation from the Board of Taxation’s (the Board’s) Review of the Legal Framework for the Administration of the Goods and Services Tax.

To assist with this review the Treasury has prepared the attached consultation paper which provides background on the existing policy treatment of financial supplies under Australia’s GST regime, along with options for achieving this policy outcome more efficiently and with reduced compliance costs.

Interested parties are invited to comment on the paper. 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. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 31 July 2009

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)

Review of the GST Financial Supply Provisions - Consultation Paper 191.68kb

Microsoft Word (RTF) documents

Microsoft Word (RTF)

Review of the GST Financial Supply Provisions - Consultation Paper 439.31kb

Related Items:

Submissions: Review of the GST financial supply provisions - 21/08/2009

Treasury has received fifteen submissions in response to the discussion paper on the Review of the GST financial supply provisions, released on 12 May 2009. Fourteen of these are public submissions, and there is one confidential submission. The public submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

Discussion Paper - Implementation of the recommendations of Treasury's review of the GST financial supply provisions - 30/06/2010

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