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Press Release - Government Response to Board of Taxation Review Of GST Administration [12/05/2009] - http://assistant.treasurer.gov.au/Display...

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"Tonight I am pleased to announce the Government's response to the Board of Taxation's review of the legal framework for the administration of the GST. I thank the Board for undertaking this review and I release the Board's report tonight. The Board has made 46 recommendations and I have agreed to implement 41 of these recommendations. Most of the recommendations with substantial changes to the GST law will apply from 1 July 2010, with recommendation 20 applying from 7.30pm (AEST) on 12 May 2009 (see Attachment A). The key components of the package announced by the Government tonight include: * harmonising the GST law and the income tax self assessment regime and rulings regime; * adopting more principled and flexible GST grouping rules; * simplifying the GST adjustment provisions; and * reforming the GST treatment of sales of going concerns and farmland. " - James Fridley