The Senate Economics Legislation Committee on Thur 10.3.2016, released its report into the Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 and recommended the Bill be passed. The Bill had been passed by the House of Reps without amendment.
The Bill proposes to:
- extend GST to digital products and other services imported by consumers. GST will be collected by international businesses with Australian revenue greater than $75,000 and remitted to the ATO;
- amend the GST treatment of cross-border transactions between businesses to minimise the number of non-resident businesses required to register for GST purposes;
- amend the administration of Farm Management Deposits (FMD) to raise the deposit cap and makes allowances for early withdrawal in times of severe drought.
[APH website for Bill] [Committee’s Report] [Committee’s Report in TT Article] [LTN 47, 10/3/16]