GST Revenue Sharing Determination
The Determination of the GST Revenue Sharing Relativities for 2017-18 in accordance with the Federal Financial Relations Act 2009 instrument has been published. This instrument determines the GST Revenue Sharing Relativities for 2017-18.
GST on low value goods
The Senate Economics Legislation Committee has tabled its report on the Treasury Laws Amendment (GST Low Value Goods) Bill 2017. The Committee recommends that the Bill be passed, but that the implementation date be delayed to 1 July 2018. The Committee also urged the Government to note the concerns raised in relation to alternative models which have been suggested.
Inquiry into distribution of GST
The Treasurer has announced that the Productivity Commission will undertake an inquiry into the impact on the national economy of Australia’s system of horizontal fiscal equalisation which underpins the distribution of GST revenue to the States and Territories. Public consultation will be undertaken as part of the inquiry, and the Government encourages the States and any other interested parties to participate. The Productivity Commission is due to report to Government by 31 January 2018. The Terms of Reference are available here.
Addendums to rulings
· MT 2006/1A4 - Addendum: The New Tax System: the meaning of entity carrying on an enterprise for the purposes of entitlement to an Australian Business Number. The Addendum reflects amendments made to the A New Tax System (Australian Business Number) Act 1999 and A New Tax System (Goods and Service Tax ) Act 1999 by the Tax and Superannuation Laws Amendment (2016 Measures No.1) Act 2016.
· TR 2002/9A3 - Addendum: Income tax: withholding from payments where recipient does not quote ABN. The Addendum reflects amendments made to the A New Tax System (Goods and Services Tax) Act 1999 by the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Act 2016 and Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015.