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)

Voting

9 votes
10 up votes
1 down votes

Tax System Improvement

Correcting GST Errors

The current time and value limits for correcting prior period GST debit errors range from 12 - 18 months and $10K to $450K depending on GST turnover. Where these limits are exceeded however, taxpayers are required to correct every impacted Business Activity Statement (BAS) lodged in the previous four years. This increases compliance costs for both taxpayers and the ATO. Propose therefore that both the time and value limits ...more »

Submitted by (@moderatorboardoftaxationsecretariat)

Voting

2 votes
2 up votes
0 down votes

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)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

GST and Joint Ventures

GST law does not adequately deal with joint ventures (JVs) and in particular, the use of multiple JVs within the oil and gas industry. To reduce complexity and achieve a revenue neutral outcome, propose the amendment of Division 48 of the GST Act to allow commonly operated GST JVs and/or GST JVs involved in common project developments to form a GST Group. Alternatively, amend the existing GST JV provisions of Division ...more »

Submitted by (@moderatorboardoftaxationsecretariat)

Voting

1 vote
1 up votes
0 down votes

Tax System Improvement

Tax Reform, and tax mix

The Tax White Paper process may be ended, but the structural tax problems remain.

We encourage governments to pursue structural tax reform - particularly focusing on our outdated tax mix and the problems articulated in the Re:think paper re aging population, our over-reliance on income taxes and under-reliance on taxes on consumption.

Submitted by (@pauldrum)

Voting

1 vote
1 up votes
0 down votes