Commonwealth of Australia Explanatory Memoranda

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A NEW TAX SYSTEM (END OF SALES TAX) BILL 1998

1998

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

HOUSE OF REPRESENTATIVES

A NEW TAX SYSTEM (END OF SALES TAX) BILL 1998

EXPLANATORY MEMORANDUM

(Circulated by authority of the

Treasurer, the Hon Peter Costello, MP)

ISBN: 0642 387192

INTRODUCTION

1.1 This Explanatory Memorandum explains the A New Tax System (End of Sales Tax) Bill 1998.

1.2 Sales tax is imposed on goods imported into or produced in Australia. The Bill will provide that sales tax as defined in the Sales Tax Assessment Act 1992 will not be payable if assessable dealings with goods take place on or after the day of commencement of the A New Tax System (End of Sales Tax) Act 1998. Assessable dealings are listed in Table 1 of Schedule 1 to the Sales Tax Assessment Act 1992. They include wholesale sales of goods and the entry for home consumption of imported goods. [Section 3]

Commencement

1.3 The A New Tax System (End of Sales Tax) Bill 1998 will commence after the commencement, on 1 July 2000, of the following Acts which introduce the goods and services tax:

A New Tax System (Goods and Services Tax) Act 1998

A New Tax System (Goods and Services Tax Imposition¾Excise) Act 1998

A New Tax System (Goods and Services Tax Imposition¾Customs) Act 1998

A New Tax System (Goods and Services Tax Imposition¾General) Act 1998

A New Tax System (Goods and Services Tax Administration) Act 1998

There will be no sales tax liability on assessable dealings with goods on or after 1 July 2000. [Section 2]

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