Self-assessment for indirect taxes - overview

Terms we use:

When we say:

• indirect tax laws, we mean goods and services tax (GST), luxury car tax (LCT), wine equalisation tax (WET) and fuel tax credits
• credits, we mean fuel tax credits and credits relating to GST, LCT and WET
• Customs, we mean the Australian Customs and Border Protection Service
• Four year period of review, we mean the time limit to amend an assessment of GST, LCT, WET or fuel tax credits
• you, we mean you as a business, for example, a sole trader, a partnership, a trustee of a trust or a superannuation fund, or a company.

The self-assessment system

From 1 July 2012, a new assessment system will apply to assess the amount you must pay, or are refunded for indirect tax laws.

This assessment system applies to:

• all payments and refunds relating to tax periods and fuel tax return periods commencing on or after 1 July 2012
• payments and refunds relating to certain liabilities or entitlements (arising on or after the start date) that do not relate to tax periods and fuel tax return periods.

The assessment system allows a majority of taxpayers to self assess their amounts payable or refundable through lodgment of the relevant return for a tax period.

For these taxpayers, the system is referred to as self assessment. On lodgment of the activity statement for the tax period taxpayers will self assess their GST, LCT, WET and fuel tax credits.