Key Measures Of The Coalition Government's Tax Reform Package

With the Coalition Government returned to office following last Saturday's Federal Election, the following report outlines the key elements of the tax reform and other tax related Coalition proposals that can be expected to be considered by Parliament in the forthcoming years.

GST

From 1 July 2000, a 10 % broad based GST will be imposed on the consumption of most goods and services in Australia, including those that are imported, but it will not apply to exports of goods or services consumed outside Australia.

The following nine types of taxes to be abolished:

• wholesale sales tax;
• financial Institutions Duty;
• debits tax;
• stamp duty on marketable securities;
• conveyancing duties on business property;