CA ANZ recently had the opportunity to comment on GST policy issues – An officials’ issue paper. The Issues Paper seeks to address and clarify several technical and remedial issues that have arisen. This officials’ issues paper also suggests updating some areas of the GST rules to deal with changing technologies and business practices.
It is important that any legislation that arises as a response to this Issues Paper is fit for purpose, practical for tax payers to apply and that it reflects modern business.
In our view the changes to the tax invoicing requirements are positive and will enable businesses to operate efficiently and effectively in today’s business environment. We also favour a cohesive framework for the classification of crypto-assets.
CA ANZ have also encouraged Officials to consider a comprehensive review of the apportionment and adjustment rules.