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A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999 NO. 57, 1999 - SCHEDULE 1--Amendment
of the sales tax law
Sales Tax Assessment Act 1992
1 At the end of subsection 16(2)
Add:
2 After item TCR3 in Table 3A
in Schedule 1 Insert:
| TCR4 | Transitional credit for reduction of rates
from 32% to 22% | Claimant has borne tax on assessable goods covered by any of
items 4 to 14 of Schedule 5 to the Exemptions and Classifications Act, and
holds the goods for sale on the 21st day after the day on which the GST Act
receives the Royal Assent. | not applicable | the difference between the
amount of tax borne and the amount that would have been borne had the rate of
tax instead been 22% | the 21st day after the day on which the GST Act
receives the Royal Assent |
Sales Tax (Exemptions and Classifications) Act
1992 3 At the end of section 15
Add:
(3) If goods were, immediately before the 21st day after the day on which the
A New Tax System (Goods and Services Tax) Act 1999 received the Royal Assent,
covered by any of items 4 to 14 of Schedule 5, those goods are taken not to be
covered by any Schedule other than Schedule 4.
4 Items 4 to 14 of Schedule 5
Repeal the items.
5 Application of amendment
The amendments made by items 3
and 4 apply to dealings with goods on and after the 21st day after the day on
which the GST Act receives the Royal Assent.
[ Minister's second reading
speech made in--
House of Representatives on 2 December 1998
Senate on 10
December 1998 ]
(222/98)