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Tuesday, 4 September 1984
Page: 425


Senator COATES —On behalf of the Standing Committee on Finance and Government Operations, I present a report on the practical operation of the prescribed payments system of taxation.

Ordered that the report be printed.


Senator COATES —by leave-I move:

That the Senate take note of the report.

I seek leave, Mr President, to incorporate in Hansard a brief tabling statement.

Leave granted.

The statement read as follows-

This is the second report presented by the Committee on the prescribed payments system of taxation. In October last year the Committee reported on the then new PPS regulations and since that time it has monitored the practical operation of the system. The Committee's report notes that many of the problems associated with the PPS have been overcome as the result of modifications made by the Government and as users have become much more familiar with the system. Recommendations have been made which, if implemented, should further reduce the volume of paperwork and simplify the operation of the system. Briefly, the Committee recommends:

1. That the terms of the declaration by prescribed persons-usually accountants- be changed to match the wording of the ruling issued by the Commissioner of Taxation on this matter;

2. That the use of obligation transfer forms be modified;

3. That a system for the recovery of overpaid tax through the use of deduction forms be established; and

4. That deduction exemption certificates be issued to taxpayers only on the ground of satisfactory taxation history.

The Committee also considered the renewal of the variation certificates, and its fifth recommendation is that the Government review this matter after a further year's experience.

Debate (on motion by Senator Kilgariff) adjourned.