Summary of changes
- In the 2011/12 Budget the government announce its intention to extend the current GST instalment system to allow access for small businesses that are in a net refund position.
- The current legislation does not allow a business that is in a net refund position to pay GST by instalments. The measure will allow small businesses in a net refund position to choose to access the GST instalments system, with an instalment amount each quarter of zero. Any refunds or liability due to the taxpayer will be reconciled in their annual GST return.
- On 26 June 2013 the Tax Laws Amendment (2013 Measures No.2) Act 2013 received royal assent. It applies to tax periods starting 1 July 2013.
Links to documents.
On 5 November 2012 exposure draft legislation was released for comment.
- Discussion paper on the proposed amendments issued on 7 June 2011