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A New Tax System (Goods and Services Tax Transition) Bill 1998

 

 

 

 

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

 

No. 57, 1999



 

 

 

 

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

 

No. 57, 1999

 

 

 

 

An Act to implement A New Tax System by making transitional provisions for the start of the goods and services tax, and for related purposes

   

   

   



Contents

Part 1—Introduction                                                                                                               1

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

2............ Commencement.................................................................................. 2

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

4............ Overview............................................................................................ 2

5............ Definitions.......................................................................................... 3

6............ Time of supply or acquisition............................................................ 3

Part 2—Start of GST                                                                                                              5

7............ Start of GST....................................................................................... 5

8............ Effect on sales tax............................................................................... 5

9............ GST registration before 1 July 2000.................................................. 5

10.......... Invoice or consideration before 1 July 2000....................................... 6

11.......... Supply of rights exercisable on or after 1 July 2000.......................... 6

Part 3—Agreements spanning 1 July 2000                                                               8

12.......... Progressive or periodic supplies......................................................... 8

13.......... Existing agreements: no opportunity to review.................................. 8

14.......... Rights granted for life......................................................................... 9

15.......... Funeral agreements made before 2 December 1998.......................... 10

Part 4—Stock on hand on 1 July 2000                                                                       11

16.......... Special GST credit for sales tax paid on stock................................. 11

17.......... Stock later applied for private or domestic purpose........................ 11

18.......... Second-hand goods........................................................................... 12

Part 5—Special transitional rules                                                                                 13

19.......... Construction agreements made before 1 July 2000.......................... 13

20.......... Phasing in input tax credits for motor vehicles etc........................... 14

21.......... Acupuncture, naturopathy and herbal medicine............................... 14

22.......... Insured event before 1 July 2000..................................................... 15

23.......... Input tax credits for insurance premiums......................................... 16

24.......... Gambling........................................................................................... 16

Part 6—Regulations                                                                                                             17

25.......... Regulations....................................................................................... 17

Schedule 1—Amendment of the sales tax law                                                       18

Sales Tax Assessment Act 1992                                                                                18

Sales Tax (Exemptions and Classifications) Act 1992                                        18

 



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

No. 57, 1999

 

 

An Act to implement A New Tax System by making transitional provisions for the start of the goods and services tax, and for related purposes

[ Assented to 8 July 1999 ]

The Parliament of Australia enacts: