The A New Tax System (Goods and Services Tax) Regulations 1999 (1999 Regulations) are due to sunset and be remade before 1 April 2019.
The exposure draft regulations were released in December 2018 for public consultation and only one public submission was made by (the Financial Services Council). This highlighted perhaps the most controversial proposal in the draft - the complete renumbering of every regulation. Fortunately the complete re-numbering did not occur…. But there are some changes.
The A New Tax System (Goods and Services Tax) Regulations 2019 (2019 Regulations) commence from 1 April 2019.
The 2019 Regulations were drafted to ‘remake and update’ the existing regulations ‘to the extent required’ without introducing policy change. Overall they maintain the operation of the 1999 rules and have been largely only updated for drafting purposes.
Outlined below are key changes which could be relevant to your business from 1 April 2019 and some preliminary thoughts as to whether ‘clarity’ has been achieved.