On 9 May 2022 the Federal Court of Australia handed down judgment in the Landcom Case (Landcom v Commissioner of Taxation [2022] FCA 510). The case deals with a number of interesting GST matters, and in this article we bring to your attention to one aspect of the case regarding GST and the margin scheme. […]
GST and the Margin Scheme – issues arising from the recent Landcom Case Read More »
The end of the financial year (30 June) usually prompts a review of bad and doubtful debts. So, it is worth revisiting the GST rules that apply to bad debts. The GST law contains specific rules for dealing with bad debts. However, those same rules also contain a rule regarding overdue debts, specifically where a
GST and Bad (or overdue) Debts – how are they dealt with Read More »
We recently received a Q&A from a member asking about GST and invoices from overseas suppliers. Question: Our Accounts section is querying whether an overseas invoice with GST can be processed with the GST included. The invoice has an ARN (Australian Registration Number) and appears to be for the purchase of an online subscription. GST
Member Q&A – GST and payments to non-resident suppliers Read More »
We recently received a Q&A (and a follow up question) from a member asking about GST and valid Tax Invoices. Question: For a Tax Invoice to be valid for a purchase over $1,000 it needs to include the buyers identity or ABN. For credit card transactions over $1,000 that we are paying to Creditors and
Member Q&A – GST and valid tax invoices Read More »
We recently received a Q&A from a member asking about the GST implications of providing emergency natural disaster funding assistance to homeowners. Background As described to us, an entity (Entity A) pays grants of financial assistance to individual homeowners who qualify for support to assist them recover from natural disasters. The assistance is to help
The following article is derived from a Q&A we received recently. However, in this article we have expanded our response to include a more detailed analysis to the underlying issues identified. Question: Our current process for a bank guarantee is that the payment is made based on the GST inclusive price of the total contract
How are guarantees treated for GST purposes? Read More »
We recently received a Q&A from a member asking about the GST implications of receiving a payment for taking on an apprentice. This type of payment could range from an incentive similar to ones paid by Governments or a reimbursement of the apprentice’s wages. The specific question was “An organisation wants to pay us for
Question: Council have engaged a contractor to provide a service. In order to provide the service the contractor is required to purchase materials and will incur other expenses, however before purchasing any materials or incurring any expenses, the contractor must receive approval from Council in order to be reimbursed. On completion of the project, Council
Member Q&A – Does GST apply when reimbursing a contractor’s expenses? Read More »
There are usually two times in the year where we see an increase in questions relating to donations – in the lead up to 30 June (the end of the financial year) and in the lead up to Christmas. The GST rules regarding donations generally apply equally irrespective of the type of entity that is
GST and Gifts: Can a ‘donation’ be subject to GST? Read More »
Overview We regularly receive questions related to the GST and FBT issues associated with am employer purchasing and giving vouchers to employees. There are many reasons why vouchers/gift cards may be provided to staff but some of the more common include: As a gift – for example, a birthday or Christmas gift As a reward
GST, FBT and vouchers: How does it work? Read More »
