1998

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

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

No.      , 1998

(Treasury)

A Bill for 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................................................... 6

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

Part 3—Agreements spanning 1 July 2000                                                             7

11.......... Progressive or periodic supplies......................................................... 7

12.......... Existing agreements: no opportunity to review................................... 7

13.......... Rights granted for life......................................................................... 8

14.......... Funeral agreements made before 2 December 1998............................ 9

Part 4—Stock on hand on 1 July 2000                                                                     10

15.......... Special GST credit for sales tax paid on stock.................................. 10

16.......... Stock later applied for private or domestic purpose........................... 10

17.......... Second-hand goods........................................................................... 11

Part 5—Special transitional rules                                                                                12

18.......... Construction agreements made before 1 July 2000........................... 12

19.......... Phasing in input tax credits for motor vehicles etc............................ 13

20.......... Insured event before 1 July 2000...................................................... 13

21.......... Gambling.......................................................................................... 14

Part 6—Regulations                                                                                                             15

22.......... Regulations....................................................................................... 15

Schedule 1—Amendment of the sales tax law                                                     16

Sales Tax Assessment Act 1992                                                                                16

Sales Tax (Exemptions and Classifications) Act 1992                                        16

A Bill for 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

The Parliament of Australia enacts: