GST Reform - Release Of New Exposure Draft

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Running Time: 10.01

Date: 01/02/2012

Treasury's released some draft changes to GST regulations, dealing with the treatment of hire purchase transactions and the eligibility of trusts to claim "reduced input tax credits".

Treasury has released an exposure draft on changes to GST, which will result in two important changes: the treatment of hire purchase transactions, and a change to the eligibility of trusts to claim "reduced input tax credits". Andrew Sommer, a partner at Clayton Utz, says some of the GST reforms relate to administrative matters, while others relate to the operation of the GST base, including the scope of "financial supplies".