11/06/2008
Government Acts to Reduce GST Compliance Costs for Business
The following information has been released by The Hon Chris Bowen MP, Assistant Treasurer and Minister for Competition Policy and Consumer Affairs
Government Acts to Reduce GST Compliance Costs for Business - 11/06/2008
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has asked the Board of Taxation to review the legal framework for the administration of the GST including Labor's BAS Easy.
"This review is another step towards the Government's goal to save business, particularly small business, time and money," Mr Bowen said.
"Simplifying the rules that govern how businesses meet their GST obligations, including calculating their GST liability, will reduce red tape and compliance costs for all businesses.
"I have asked the Board of Taxation to consult with stakeholders, including small and large businesses, professional bodies and State and Territory Governments, and to report back to me by the end of December 2008."
The focus of the review will be on:
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streamlining and improving the operation of the GST;
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reducing compliance costs; and
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removing anomalies.
"The review will not extend to either the rate of the GST or the scope of goods and services that are subject to GST. I have also asked the Board of Taxation to ensure that its recommendations are broadly revenue neutral," Mr Bowen said.
The Board of Taxation had before it a reference to review the application of the income tax self-assessment principles to other taxes administered by the Taxation Commissioner, including the GST.
The Board will instead undertake this review of the legal framework of the GST. The Board's findings on the GST may then inform any consideration of the application of the self-assessment principles to other taxes.
Further information about the Board of Taxation can be found at http://www.taxboard.gov.au.
