01/2007
20 December 2007
The Minister for Finance and Deregulation, the Hon Lindsay Tanner MP, today released the Australian Government’s Consolidated Financial Statements (CFS) for 2006-07, which for the first time recognises the Goods and Services Tax (GST) as an Australian Government tax and associated payments to the States and Territories as a grant expense.
This treatment is consistent with Australian Bureau of Statistics and Australian Accounting Standards and improves the transparency and accountability of the Australian Government’s financial position.
As a result of the correct treatment of the GST and associated payments to the States, the Commonwealth Auditor‑General has now issued an unqualified audit report on the 2006-07 CFS. This is the first unqualified CFS since 2000-01.
To ensure appropriate comparisons are made between years, the CFS applies this treatment to previous years’ results from when the GST was first introduced.
The proper treatment of the GST as a Commonwealth tax is tangible evidence of the Government’s commitment to budget transparency and accountability.
| Media Contact: Silvana Anthony 0416 169 679 |
Website: www.financeminister.gov.au |
