This article outlines the recent controversy in which use of the cash basis by non-business entities and small business entities have moved out of virtual alignment. It notes some practical implications of this.
There are specific GST implications for transactions involving agency. As is so often the case, to determine the GST treatment we first need to understand the specific facts and circumstances of the transaction entered into between the parties. This then also determines how the transaction needs to be accounted for accurately.
Whether GST applies to a Council’s sale of vacant land and whether the Council can claim input tax credits in respect of the conveyancing costs and real estate agent’s commission.