Australia Plans to Simplify GST Rules On Property

Bill Shorten, Assistant Treasurer, has announced that the Goods and Services Tax margin scheme that applies to property will be simplified as part of the Gillard government's ongoing commitment to making Australia's tax system easier to use and understand.

Shorten has released a consultation paper and is asking for submissions.

'These changes will clarify and simplify the GST margin scheme provisions, reducing compliance costs for a wide range of businesses involved in the building and property industry.' Shorten stated. Click here to read more.

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