Proposed changes to tax laws, updates on bills, and policy announcements
Tax Policy
The Government has launched public consultation on proposals to reform the GST rules for joint ventures. The proposals in the discussion document are largely aimed at ensuring the GST rules are fit for purpose for joint venture arrangements and minimise compliance costs.
The main proposal is to remove joint ventures from the unincorporated body rules in the Goods and Services Tax Act 1985 by default. However, the members of a joint venture could still choose to register the joint venture separately. Other related technical and consequential changes are also considered.
See the consultation for GST and unincorporated joint ventures.