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Commonwealth Taxation
The Review of Australia’s Future Tax System (AFTS) was released by the Treasurer on 2 May 2010. Prior to this review the 1997 Task Force on Taxation culminated in the 1 July 2000 commencement of the Goods and Services Tax (GST), which replaced the previous Wholesale Sales Tax (WST) regime and Financial Institutions Duty (from 1 July 2001) with a 10% GST coincident with a reduction in personal income tax. At the same time the 1999 Review of Business Taxation (RBT) process was an attempt to deliver enduring tax simplification and a lower rate of company tax. The various issues for the industry arising from these are dealt with in the following sections.
A role of bodies like AELA, has always been to assist members and other market participants with the interpretation of statute amendments, as well as to offer informed advice to governments on their drafting and revision. In the context of the major GST, RBT and AFTS reforms, this role has been even more necessary and encompassing.
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