The recommendations of the Tax Consultative Committee, chaired by David Vos (PricewaterhouseCoopers, Sydney), were presented to the Treasurer on Friday 13 November 1998. The Committee reported on the scope of GST-free areas of health, education, religious services and non-commercial activities of charities as well as the transitional arrangements relating to motor vehicles. The Government will be reviewing each of the Committee's recommendations and will consider them in the process of finalising the drafting of the legislation. (The Report is not yet publicly available.)
(Source: Treasurer's Press Release, 13 November 1998)
Agreement for reform of Commonwealth-State financial relations
At the Special Premier's Conference held last week, agreement on principle was reached on the Commonwealth-State financial relations as promised by the Tax Reform: not a new tax; a new tax system proposals. The following is a brief summary of the some of the key agreed principles.
The Commonwealth will legislate to provide all of the revenue from the GST to the States and Territories and to maintain the rate and base of the GST in accordance with the agreement. The States and Territories will repeal a range of taxes and agree not to reintroduce them or similar taxes in the future. Target dates for such repeal are:
Bed Taxes - from 1 July 2000
Financial Institutions Duty - from 1 January 2001
Debits Tax - from 1 January 2001
Stamp duties on marketable securities, business conveyances (other than real property), leases, mortgages, debentures, bonds and other loan securities, credit arrangements, instalment purchases and rental arrangements, and on cheques, promissory notes and bills of exchange - from 1 July 2001. A Working Group will examine issues relating to timing of repeal of stamp duties on business conveyances of real property.
(Source: Prime Minister's Media Release, 13 November 1998)
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