The Australian Taxation Office has advised that the Federal Treasury has released exposure draft legislation for two measures to amend GST (goods and services tax) law.
These amendments are the result of the Board of Taxation’s recommendations to the Government in its 2008 review of the administration of the GST.
The amendment which relates to not-for-profits will implement recommendation 43 of the Board’s review, to amend GST law to give effect to the Commissioner’s existing practice that enables non-profit sub-entities to access the same GST concessions as their parent entity.
Treasury is seeking submissions on these draft amendments by 27 October 2010.