Intellectual Property Update
Amendement to the Copyright Amendment (Computer Programs) Act 1999

GST Update
The Australian Taxation Office has released draft regulations stipulating the requirements of GST tax invoices.

Taxation Ruling TR 1999/12 has been released which explains the circumstances and extent to which expenses incurred in preparing for the GST before 1 July 2000 are deductible.

GST Ruling GSTR 2000/8 Special credit for sales tax paid on stock
This Ruling explains the meaning of terms in section 16 of the A New Tax System (Goods and Services Tax Transition) Act 1999 (the Transition Act). It also provides guidance as to how the provision operates in determining the extent of the special credit available in respect of stock on hand at 1 July 2000.

GST Ruling GSTR 2000/9 GST Transitional Concessions
This Ruling considers the extent to which a supply made on or after 1 July 2000, which is identified in a written agreement made before 8 July 1999, will be GST-free under section 13 of the A New Tax System (Goods and Services Tax Transition) Act 1999 ('GST Transition Act').  For agreements made on or after 2 December 1998 but before 8 July 1999, the Ruling considers the requirement for the supplier to establish whether the recipient would be entitled to a full input tax credit for the supply.

Tax Update

$7000 First Home Owner Grant
The First Home Owner Grant Bill 2000 was introduced into the South Australian Parliament on 30 March 2000.  The grant is designed to assist people buying or building their first home and to compensate for price increases that may result with the introduction of the Goods and Services Tax on 1 July 2000.  For more information view:
Department of Treasury and Finance - Revenue SA: First Home Owner Grant
ATO The New Tax System Make it Your Business: How the First Home Owners Scheme will benefit first home buyers

Draft Taxation Ruling TR 2000/D6 Income tax: deductibilityof commercial website expenditure
This ruling deals with the deductibility of expenses incurred in establishing, constructing, acquiring and maintaining commercial websites
Division 7A Private Company Loans - the benchmark interest rate from 1 July 1999