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Norfolk Island to be GST-Free



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NORFOLK ISLAND TO BE GST-FREE Page 1 o f 1

C W V W W f f i W I M D B W m i E M ’ O F

TRANSPORT AMD REGIONAL OEVELOmE

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Other Media Statements [Minister for Regional Development. Territories and Local Government] [Minister for Transport and Regional Development]

[Michael Ronaldson, Parliamentary Secretary] [Departmental]

M e d i a

R e l e a s eTHE HON ALEX SC Minister for Regional Development, Territories and L S85/98 14 August 1998

NORFOLK ISLAND TO BE GST-FREE

The Territories Minister, Alex Somlyay, has enthusiastically welcomed today’s announcement o f a new tax system for Australia by the Treasurer, Peter Costello, saying that the new system recognises the special place o f Norfolk Island in Australia’s tax regime.

The new tax system, due to start in July 2000, will replace the existing taxation system largely introduced in 1930. A central component o f the new tax system is a goods and services tax (GST).

M r Somlyay said that the GST will not apply in Norfolk Island, just as wholesales sales tax does not apply in this Territory.

In addition, any goods and services provided to Norfolk Island will be GST-free exports.

Residents o f Norfolk Island will be generally unaffected by these changes. They do not pay income tax, and those in receipt o f mainland family assistance or social security benefits will receive an increase.

"This announcement represents an excellent outcome for Norfolk Island," M r Somlyay said.

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Further information:Graeme Hallet (Minister's Office) 02-6277 7060

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http://www.dot.gov.au/media/somlyay/1998/s85_98.htm 16/10/1998