Title A New Tax System (Goods and Services Tax Transition) Bill 1998
Database Bills & Legislation
Long Title 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
Date 01-12-1998
Source House of Reps
Parl No. 39
Bill Number 98222
Bill Type Government
Portfolio Treasurer's portfolio
Reps Bill Code T
Status Act
System Id legislation/bills/r698_first/0001


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

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: