Summary of changes

• In the 2011/12 Budget the government announce its intention to extend the current GST instalment system to allow access for small businesses that are in a net refund position.
• The current legislation does not allow a business that is in a net refund position to pay GST by instalments.  The measure will allow small businesses in a net refund position to choose to access the GST instalments system, with an instalment amount each quarter of zero.  Any refunds or liability due to the taxpayer will be reconciled in their annual GST return.

Links to documents

On 5 November 2012 exposure draft legislation was released for comment.

• Exposure draft legislation
• Explanatory memorandum

• Discussion paper on the proposed amendments issued on 7 June 2011