GST bill passes

The Taxation (GST and Remedial Matters) Bill introduced in August this year passed its final stages on Friday 10th December 2010. The new legislation brings into effect changes to the GST rules to prevent “phoenix” fraud schemes, and clarifies the change-in-use rules and the GST boundary between residential and commercial accommodation. A number of substantial Budget 2010-related amendments were introduced by Supplementary Order Paper No.187 at the Committee of the Whole House stage. They included broadening the definition of income used for Working for Families, the Community Services Card and Student Allowances, changes to the qualifying companies rules, and clarifying changes to the depreciation rules. The new legislation is expected to receive Royal assent next week.