A New Tax System (Goods and Services Tax Transition) Act 1999

Here is a brief overview of the A New Tax System (Goods and Services Tax Transition) Act 1999:

This Act implements the introduction of the Goods and Services Tax (GST) in Australia, with transitional provisions to address issues arising from the transition. The Act commences on July 1, 2000, and makes various amendments to other laws.

The Act deals with various aspects of GST, including:

• The start of GST: Section 7 sets out that GST is only payable on supplies or importations made on or after July 1, 2000.
• Agreements spanning July 1, 2000: Sections 12-14 deal with agreements that span this date, including provisions for progressive or periodic supplies and existing agreements without an opportunity to review.
• Rights granted for life: Section 14 deals with services supplied under an agreement where a right is granted for the rest of an individual's life.
• Stock on hand on July 1, 2000: Part 4 addresses stock that was already in hand on this date.

The Act also makes provisions for special rules regarding input tax credits, including those related to motor vehicles and leases. Additionally, it deals with changes to consideration under agreements made before July 1, 2000.

Overall, the A New Tax System (Goods and Services Tax Transition) Act 1999 aims to provide a framework for the introduction of GST in Australia while addressing potential issues and complexities arising from the transition.