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Indirect Tax Legislation Amendment Bill 2000

1998-1999-2000

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Indirect Tax Legislation Amendment Bill 2000

 

No.      , 2000

 

(Treasury)

 

 

 

A Bill for an Act to implement A New Tax System by amending legislation relating to indirect tax, and by amending other legislation consequential on indirect tax reform, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Non-profit bodies                                                                                       3

A New Tax System (Goods and Services Tax) Act 1999                                         3

Taxation Administration Act 1953                                                                            6

Schedule 2—GST-free supplies                                                                                      7

A New Tax System (Goods and Services Tax) Act 1999                                         7

Schedule 3—Supplies involving non-residents                                                      9

A New Tax System (Goods and Services Tax) Act 1999                                         9

Schedule 4—Agents                                                                                                             14

A New Tax System (Goods and Services Tax) Act 1999                                       14

Taxation Administration Act 1953                                                                          18

Schedule 5—Financial supplies                                                                                     20

A New Tax System (Goods and Services Tax) Act 1999                                       20

Schedule 6—Calculating amounts of GST                                                            25

A New Tax System (Goods and Services Tax) Act 1999                                       25

A New Tax System (Goods and Services Tax Transition) Act 1999                   28

Taxation Administration Act 1953                                                                          29

Schedule 7—Joint ventures                                                                                             30

A New Tax System (Australian Business Number) Act 1999                               30

A New Tax System (Goods and Services Tax) Act 1999                                       30

Income Tax Assessment Act 1936                                                                             34

Income Tax Assessment Act 1997                                                                             34

Taxation Administration Act 1953                                                                          35

Schedule 8—Insurance                                                                                                      36

A New Tax System (Goods and Services Tax) Act 1999                                       36

A New Tax System (Goods and Services Tax Transition) Act 1999                   38

Schedule 9—Administration                                                                                           39

A New Tax System (Goods and Services Tax) Act 1999                                       39

Taxation Administration Act 1953                                                                          40

Taxation (Interest on Overpayments and Early Payments) Act 1983               41

Schedule 10—Alcoholic beverages held on 30 June 2000                             43

Sales Tax Assessment Act 1992                                                                                43

Schedule 11—Other amendments                                                                               46

A New Tax System (Australian Business Number) Act 1999                               46

A New Tax System (Goods and Services Tax) Act 1999                                       46

A New Tax System (Goods and Services Tax Transition) Act 1999                   49

Taxation Administration Act 1953                                                                          50

 



A Bill for an Act to implement A New Tax System by amending legislation relating to indirect tax, and by amending other legislation consequential on indirect tax reform, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Indirect Tax Legislation Amendment Act 2000 .

2   Commencement

             (1)  Subject to this section, this Act commences immediately after the commencement of Part 1 of Schedule 1 to the A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 .

             (2)  Section 1 and this section, and Schedule 10 (other than item 1 of Schedule 10) commence on the day on which this Act receives the Royal Assent.

             (3)  Items 10, 11 and 12 of Schedule 1, item 10 of Schedule 4, items 8, 9 and 10 of Schedule 6, item 33 of Schedule 7 and item 17 of Schedule 11 commence immediately after the commencement of Schedule 8 to the A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 .

             (4)  Item 7 of Schedule 6, items 6 and 7 of Schedule 8, item 1 of Schedule 10 and items 14, 15 and 16 of Schedule 11 commence immediately after the commencement of Schedule 2 to the A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 .

             (5)  Items 1, 2 and 3 of Schedule 7 and items 1 and 2 of Schedule 11 commence immediately after the commencement of Schedule 4 to the A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 .

3   Schedule(s)

                   Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.