Miscellaneous amendments to Treasury portfolio laws 2018
The submission to the Treasury regarding the Exposure Draft of the Treasury Laws Amendment (Measures for a later sitting) Bill 2018: Miscellaneous amendments (Draft Bill) was prepared by the Law Council.
The Law Council is broadly supportive for the proposed changes in the Draft Bill relating to the Goods and Services Tax (GST) at settlement scheme (the GST at settlement scheme), including the changes regarding:
- notification by suppliers of residential premises;
- refund by Commissioner of amount withheld from payment in respect of a supply of real property; and
- machinery provisions applying to administrative penalties under Subdivision 14- E.
However, there is one issue related to the GST at settlement scheme that, in the view of the Law Council, should be addressed in the final Bill.
You can read the full submission below.