Mitch Fifield (Victoria, Liberal Party, Shadow Parliamentary Secretary for Disabilities, Carers and the Voluntary Sector) Share this | Hansard source

Your wish is my command. You are champing at the bit to know what is in the six schedules of the bill, so this is what is in them. Schedule 1 seeks to amend the A New Tax System (Goods and Services Tax) Act 1999, the Fuel Tax Act 2006 and the Taxation Administration Act 1953 so that input tax credits and fuel tax credits must be claimed within a four-year period. However, it does provide exceptions to the four-year restriction so that, where GST may be borne after four years, taxpayers can potentially claim associated input tax credits.

Schedule 2 seeks to extend the Tourist Refund Scheme to allow residents of Australian external territories, such as Norfolk Island and Christmas Island, to claim refunds of GST or GST and wine equalisation tax for goods separately exported to the external territories. Schedule 3 implements recommendation 40 of the board’s report by allowing intermediaries that facilitate transactions but are not common-law agents to be able to use the simplified accounting provisions of the GST Act. These procedures include the ability to issue tax invoices and adjustment notes in their own names. These new arrangements will include other intermediaries, such as billing agents and paying agents.

Schedule 4 seeks to clarify how the GST law applies to gambling operators making GST-free supplies, including where the operators accept wagers from entities outside Australia. Schedule 5 clarifies the law to specify that overpaid refunds are due and payable from the date of overpayment. The last schedule, schedule 6, addresses anomalous outcomes that may arise as a result of the interaction between various GST provisions in relation to supplies between associates for no consideration.

This side of the chamber is delighted that the government warmly embraces the GST and sees the need to maintain that part of the Australian tax base, and the coalition is very happy to support this legislation.