Below is a summary from the latest Australian GST Legislation with Overview 2018 – 21st Edition. The title incorporates all legislative amendments enacted to 1 January 2018.
In particular, it includes a Pending legislation section that contains details of proposed GST amendments to require purchasers of new residential premises and new residential subdivisions to remit GST directly to the ATO from 1 July 2018.
During 2017, the GST Act and associated pieces of legislation reproduced in this book were significantly amended as follows.
Act No 15 of 2017
The Tax and Superannuation Laws Amendment (2016 Measures No 2) Act 2017 made amendments to the A New Tax System (Luxury Car Tax) Act 1999 to provide an exemption from luxury car tax to certain public institutions that import or acquire luxury cars for the sole purpose of public display. The measure applies to cars imported or acquired from 1 March 2017.
Act No 22 of 2017
The Family Assistance Legislation Amendment (Jobs for Families Child Care Package) Act 2017 made amendments to the GST Act in relation to the GST treatment of new child care funding programs.
Act No 47 of 2017
The Therapeutic Goods Amendment (2016 Measures No 1) Act 2017 made consequential amendments to the GST Act to enable health practitioners to supply certain therapeutic goods not on the Australian Register of Therapeutic Goods to patients under a notification scheme.
Act No 76 of 2017
The Treasury Laws Amendment (GST Integrity) Act 2017 amended the GST Act to introduce a reverse charge for business-to-business transactions between suppliers and purchasers of gold, silver and platinum to remove the opportunity for a supplier to avoid paying GST by liquidating, and to ensure that entities cannot exploit the special GST treatment for second-hand goods to claim input tax credits by changing the form of a precious metal.
Act No 77 of 2017
The Treasury Laws Amendment (GST Low Value Goods) Act 2017 made amendments to the GST Act to ensure that GST is payable on certain supplies of low value goods that are purchased by consumers and are imported into Australia from 1 July 2018.
Act No 94 of 2017
The Treasury Laws Amendment (2017 Measures No 4) Act 2017 made amendments to the A New Tax System (Wine Equalisation Tax) Act 1999 to improve the integrity of the wine equalisation tax (WET) producer rebate.
Act No 118 of 2017
The Treasury Laws Amendment (2017 Measures No 6) Act 2017 amended the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money, particularly foreign currency from 1 July 2017.
During 2017, the A New Tax System (Goods and Services Tax) Regulations 1999 were amended by:
- the Corporations and Other Legislation Amendment (Insolvency Law Reform) Regulation 2016 which made consequential amendments relating to the Insolvency Law Reform Act 2016
- the Treasury Laws Amendment (2017 Measures No 2) Regulations 2017 which complements amendments made by the Treasury Laws Amendment (2017 Measures No 6) Act 2017 (Act No 118 of 2017) so that supplies of digital currency receive comparable GST treatment to supplies of money.
The Exposure Draft Treasury Laws Amendment (2017 Measures No 9) Bill 2017 which proposes to require purchasers of new residential premises and new subdivisions of potential residential land to make a payment of 1/11th of the purchase price direct to the ATO from 1 July 2018.
The Australian GST Legislation with Overview 2018 – 21st Edition is an essential resource for GST advisers, accountants, lawyers and tax agents. This latest edition provides a fully-indexed and comprehensive consolidation of all legislation relating to Australia’s GST system as well as all relevant luxury car tax and wine equalisation tax legislation.