Small businesses will be given the option of paying GST on the basis of a Tax Office-supplied ratio, similar to a PPS framework, if the Labor Party is elected later this year.
Shadow Treasurer Simon Crean gives this commitment on the proviso there is no revenue cost attached to such a change.
The ratio will be based on the previous year's tax remittance (a luxury not immediately available to the Coalition when it simplified the BAS system earlier this year), and actual turnover for the quarter.
Crean says this will eliminate the need for an annual reconciliation.
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