The Indirect Tax Laws Amendment (Assessment) Bill 2012 was introduced in the House of Reps on Wed 29.2.2012. It makes the following amendments:
- Amends the Taxation Administration Act 1953, the GST Act and other taxation Acts to harmonise the current self actuating system that applies to GST, the luxury car tax, the wine equalisation tax and fuel tax credits with the self-assessment system for income tax. DATE OF EFFECT: These amendments will apply to tax periods and fuel tax return periods commencing on or after 1 July 2012.
- Amends the GST Act and the Fuel Tax Act 2006 to legislate the Commissioner of Taxation’s power to make a determination allowing a taxpayer to take into account, on his or her GST or fuel tax return for the current tax period or fuel tax return period, errors made in working out net amounts and net fuel amounts for preceding tax periods or fuel tax return periods. DATE OF EFFECT: These amendments will apply to tax periods and fuel tax return periods commencing on or after 1 July 2012.
- Amends the GST Act to confirm that the luxury car tax and the wine equalisation tax are part of the “net amount” that is calculated under the GST Act. Amendments are also proposed to create a single “net amount” definition that applies differently to reflect differing circumstances. DATE OF EFFECT: These amendments will apply to tax periods commencing on or after 1 July 2012.
- Technical corrections and other minor amendments to the taxation laws. Date Of Effect: These amendments will commence from Royal Assent unless otherwise stated in the EM to the Bill.
[LTN 40, 29/2]