The ATO is consulting on three draft instruments regarding GST and the Register of Foreign Ownership of Australian Assets. Feedback is open until 16 July 2025.
The Australian Taxation Office (ATO) opened a consultation on three draft instruments related to GST and the Register of Foreign Ownership of Australian Assets:
“A New Tax System (Goods and Services Tax) (Acquisitions of Second-hand Goods) Determination 2025” will repeal and replace the “A New Tax System (Goods and Services Tax) Act 1999 Rules for Applying Subdivision 66-B Determination (No.31) 2015,” set to expire on 1 October 2025.
Second-hand goods include aircraft, antiques, furniture, clothing, electronics, books, tools, jewellery, medical aids, and hobby equipment. They encompass a wide range of categories, from household items to specialised machinery and personal accessories.
“The “A New Tax System (Goods and Services Tax) (Simplified Accounting Methods – Supermarket and Convenience Stores) Determination 2025” replaces the “A New Tax System (Goods and Services Tax) Act 1999 Simplified GST Accounting Methods Determination (No. 29) 2015,” which would otherwise expire on 1 October 2025.
An entity can use the simplified accounting method to calculate its net tax amount if it meets these conditions: it is registered for GST during the tax period, operates as a retailer (mainly selling supermarket-type goods), has less than 5% taxable sales from GST-free goods, has a GST turnover under USD 2 million, uses adequate point-of-sale equipment, and does not primarily sell fuel.
“Foreign Acquisitions and Takeovers (Register Notices – Extensions of Time) Instrument 2025” allows the Register of Foreign Ownership of Australian Assets to extend the time under paragraph 130W(2)(b) of the Foreign Acquisitions and Takeovers Act 1975 for providing a register notice to the Registrar.
The Registrar may, through written notice, extend the timeframe stipulated by the Act for submitting a register notice. This extension can be granted multiple times and for any duration deemed necessary.
The deadline for sending comments for all three draft instruments is 16 July 2025.
