The festive season is nearly upon us and that means many organisations will be planning, or have already planned, their end of year break up for staff. The end of year function is unfortunately intertwined with the FBT provisions as it will commonly involve the provision of entertainment to staff and/or others.
It is expected that Federal Parliament will deliver a “GST legislative parcel” after the current festive season, but in time for the new financial year. This note outlines the proposal for purchasers of certain properties to remit GST that is payable by their vendors. It highlights some matters for consideration when purchasing/selling relevant land.
This article complements the note on the GST withholding obligation contained in this month’s newsletter. It briefly reminds readers about the basic nature of ‘new residential premises’ and then looks at the less frequently encountered concept of ‘potential residential land’.
The ATO has provided a reminder regarding when an adult and community education course may not attract GST-free status.
With an estimated 600,000 NFPs operating in Australia and some 60,000 ACNC registered charities a recent Australian Accounting Standards Board research report into the Financial Reporting Requirements Applicable to Charities identified some concerning issues.