Tag "GST"

Attribution of GST

Council has sold a road reserve to the adjacent owner. An agreement has been raised to pay by 2 instalments the purchase price, which is $7,700. I have been informed that the full GST amount of $700 should be paid on the first instalment. Is this correct?

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Contractor reimbursements ‘ do they attract GST?

How do you determine whether GST needs to be added to a reimbursement of an expense incurred by a contractor.

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Time limits for refunds of unclaimed input tax credits

The court has recently confirmed that the Taxation Administration Act 1953 (which deals with time limits for claiming tax refunds) applies to refunds of unclaimed input tax credits. In the case of Australian Leisure Marine Pty Ltd and FCT a taxpayer was denied additional input tax credits (ITCs) relating to creditable importations because the claim […]

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New Tax Invoice Requirements

Summary Schedule 3 of the Tax Laws Amendment (2010 GST Administration Measures No. 2) Act 2010 amends the current rules that de…

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Division 81 – July 2010 Update

Although the Budget promised changes to the way Division 81 will operate we still have the pleasure of working with it for some time yet.

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Tax law change for overpayments on fuel tax credits

Amendments recently announced by the Australian Government affect the law on fuel tax credits. These amendments arose from the Board of Taxation revie…

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Exempt Fees and Charges (Division 81) to change ‘ budget

The GST law will be amended to replace the current mechanism for exempting Australian taxes, fees and charges with a principles-based legislative exem…

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Budget – GST Margin Scheme

The margin scheme provisions will be restricted to clarify and simplify the current provisions, effective from 1 July 2010. The current margin scheme provisions are quite complex. The proposal to simplify the margin scheme provisions are the result of recommendations made by the Board of Taxation’s review regarding the administration of the GST.

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ATO funding will drive more GST audits

All GST registered entities should ensure their GST affairs are in order before the Australian Taxation Office comes knocking following the Budget mea…

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Common causes of GST errors

The ATO has released details of where they have found the most common causes of GST errors.These are:• when preparing activity statements,…

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