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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 1999 .

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 21st day after 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 21st day after the day on which the GST Act receives the Royal Assent

Sales Tax (Exemptions and Classifications) Act 1992

3  At the end of section 15

Add:

             (3)  If goods were, immediately before the 21st day after the day on which the A New Tax System (Goods and Services Tax) Act 1999 received the Royal Assent, covered by any of items 4 to 14 of Schedule 5, those goods are taken not to be covered by any Schedule other than Schedule 4.

 

4  Items 4 to 14 of Schedule 5

Repeal the items.

5  Application of amendment

The amendments made by items 3 and 4 apply to dealings with goods on and after the 21st day after the day on which the GST Act receives the Royal Assent.

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 2 December 1998

Senate on 10 December 1998 ]

 

 

(222/98)