Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
A New Tax System (Goods and Services Tax Transition) Bill 1998
Schedule 1 Amendment of the sales tax law

   

Sales Tax Assessment Act 1992

1  At the end of subsection 16(2)

Add:

Note:          Generally, no sales tax is payable on an assessable dealing if the time of the dealing (as specified in column 4 of Table 1) is after the commencement of the A New Tax System (End of Sales Tax) Act 1998 .

2  After item TCR3 in Table 3A in Schedule 1

Insert:

 

TCR4

Transitional credit for reduction of rates from 32% to 22%

Claimant has borne tax on assessable goods covered by any of items 4 to 14 of Schedule 5 to the Exemptions and Classifications Act, and holds the goods for sale on the day on which the GST Act receives the Royal Assent.

not applicable

the difference between the amount of tax borne and the amount that would have been borne had the rate of tax instead been 22%

the day on which the GST Act receives the Royal Assent

Sales Tax (Exemptions and Classifications) Act 1992

3  Items 4 to 14 of Schedule 5

Repeal the items.

4  Application of amendment

The amendment made by item 3 applies to dealings with goods on and after the day on which the GST Act receives the Royal Assent.