Tax Bill introduced

The Minister of Revenue introduced a new taxation Bill into the House today. The Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Bill contains a range of proposed improvements and maintenance measures to ensure the smooth functioning of the tax system, including to:

• align the GST invoicing rules more closely with current business practice
• modernise the GST rules in relation to cryptoassets
• set penalties for the sale and acquisition of sales suppression software, and
• set the annual income tax rates for the 2021–22 tax year.

For more information see the Bill, the Bill commentary, the departmental disclosure statement, and the regulatory impact statements.