Remaking sunsetting instrument without significant amendments – Department of the Treasury
With effect from 1 April 2019, the Department of the Treasury (Treasury) remade the A New Tax System (Goods and Services Tax) Regulations 1999 (the 1999 Regulations), which were scheduled to sunset on 1 April 2019, with only minor amendments. Consequential amendments were also made to other regulations that referenced the 1999 Regulations.
The new A New Tax System (Goods and Services Tax) Regulations 2019 (the 2019 Regulations) improve upon the 1999 Regulations by removing redundant provisions, simplifying language, and restructuring provisions for ease of navigation. Importantly, the 2019 Regulations do not change the substantive meaning or operation of the now repealed 1999 Regulations.
Consistent with government best practice regulation requirements for sunsetting instruments, Treasury has, after consultation with industry, assessed the instrument as operating effectively and efficiently. Therefore, a Regulatory Impact Statement is not required for remaking this instrument without significant amendments.