The Indirect Tax Laws Amendment (Assessment) Act 2012 received royal assent on 15 April 2012.

Summary

• The legislation introduces amendments to the TAA and other Act to harmonise the current GST system with the income tax self-assessment regime, allow for a four year period of review, allow the Commissioner to make a determination that a taxpayer can correct errors from a preceding BAS on their current BAS
• The changes come into effect from 1 July 2012.

Links to documents

Legislation

• Indirect Tax Laws Amendment (Assessment) Act 2012
• Explanatory Memorandum

Revised exposure draft of legislation

• Revised Exposure Draft Bill – 22 August 2011
• Explanatory Memorandum to revised exposure draft

Exposure draft of legislation

• Exposure Draft Bill – 19 January 2011
• Explanatory Memorandum to Exposure Draft
• Submissions on Exposure Draft

1. CPA Australia (original)
2. CPA Australia (supplementary)
3. Law Council of Australia
4. Property Council of Australia
5. Taxation Institute of Australia

Consultation process

• First Discussion Paper – Government response to the Board of Taxation Review of the legal framework for the administration of the GST – 12 May 2009

Media releases

• No 009 issued on 18 January 2011
• No 042 issued on 12 May 2009