Tax System Improvement

Tax System Improvement

Increase the GST valid tax invoice threshold

The current threshold for which a valid GST tax invoice must be held in order to claim input tax credits is $82.50 GST inclusive. This threshold imposes large administrative costs on businesses. Propose the threshold be increased to $150 GST inclusive.

Submitted by (@moderatorboardoftaxationsecretariat)
2 comments

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9 votes
10 up votes
1 down votes

Tax System Improvement

Excise Production Threshold

Currently excise applies to crude oil and condensate produced from onshore petroleum fields. Production below a threshold of 30 million barrels per field is excise-free, but producers must still register as manufacturers of excisable goods. This means that onshore producers must meet the ongoing verification, administrative and compliance requirements imposed by the excise regime. Decrease the unnecessary compliance burden ...more »

Submitted by (@moderatorboardoftaxationsecretariat)
2 comments

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1 vote
1 up votes
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Tax System Improvement

Maturation Requirements in the Excise and Customs Acts

Section 105A of the Customs Act 1901 applies a maturation requirement for imports of brandy, whisky and rum that mirrors section 77F1 of the Excise Act 1901. This requirement imposes an unnecessary administrative burden on both the importers of these spirits and the Department of Immigration and Border Protection and effectively works against the movement of goods between countries. Furthermore, the broad definition of ...more »

Submitted by (@moderatorboardoftaxationsecretariat)
2 comments

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1 vote
1 up votes
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Tax System Improvement

GST and Dealer Incentives

There is considerably uncertainty in the automotive industry as to which dealer incentives are subject to GST and which are not. Amend GST law to provide clarity by ensuring all dealer incentives are subject to GST.

Submitted by (@moderatorboardoftaxationsecretariat)
1 comment

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1 vote
1 up votes
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Tax System Improvement

Dental industry cheats

I'm not sure if the government realises the amount of money lost every year in the dental industry. Today most of the crown and bridge work is sent to China for manufacturing for nothing and I believe that the public/ authorities do not realise. Everyday bags and bags of impressions are sent via couriers, most of the time transiting through large australian based companies. The work is manufactured in large labs overseas ...more »

Submitted by (@annatevs2)
1 comment

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1 vote
1 up votes
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Tax System Improvement

Guidance on Forgiveness of Div7A Loans Owed by Deceased Estates

Suggest the ATO provide further guidance on its current position regarding forgiveness of Div 7A loans owed by deceased estates and the consequences of not meeting minimum repayments, especially where the deceased is a former shareholder and the estate does not have shares in the company

Submitted by (@markcaldwell)
3 comments

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1 vote
1 up votes
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Tax System Improvement

TOFA Method Elections

TOFA method elections should be revokable.

Submitted by (@testaan)
1 comment

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1 vote
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Tax System Improvement

wine tax

Whilst the Commonwealth Government has proposed to address integrity concerns with the wine equalisation tax (WET) rebate (by reducing rebate caps and tightening eligibility criteria) , these reforms do not address the underlying problems caused by the WET to the competitiveness Australian wine industry from the needlessly high compliance costs and distortionary economic impacts. Australian industry leaders have identified ...more »

Submitted by (@paulkenny)
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