A New Tax System (Goods and Services Tax Imposition—General) Act 1999

A New Tax System (Goods and Services Tax Imposition —General) Act 1999

This Act implements a new tax system by imposing the Goods and Services Tax (GST), which is a value-added tax on goods and services. The GST law was introduced by the A New Tax System (Goods and Services Tax) Act 1999.

The Act commences on July 1, 2000, and imposes the GST under the name of goods and services tax. However, it only applies to taxes that are neither a duty of customs nor a duty of excise within the meaning of section 55 of the Constitution. The rate of GST is set at 10% and applies to all goods and services.

The Act does not impose a tax on property of any kind belonging to a State. Instead, it defines this term as per section 114 of the Constitution.

The Act has undergone amendments, with the Tax Laws Amendment (Long-term Non-reviewable Contracts) Act 2005 introducing changes to sections 3 and 5. These amendments came into effect on July 1, 2005.

Overall, the A New Tax System (Goods and Services Tax Imposition —General) Act 1999 sets out the framework for the imposition of the Goods and Services Tax in Australia.