12 Sep 2019 | External Publications | GST
Property in Practice 2019 – GST Current Issues
At The Tax Institute's Property in Practice 2019 series held in Sydney, Greenwoods Senior Associate Rebecca Lawrence presented on GST Current Issues. The paper was co-authored by Andrew Howe, Director, and Helena Papapostolou, Associate.
08 Jul 2019 | Riposte | GST
Introduction of Director Penalty Notices and Estimates for GST
In a bid to further reduce phoenixing activity, the Government is granting the Commissioner tough new powers to hold taxpayers and directors of companies to account for GST liabilities. The introduction of Director Penalty Notices for GST will be of keen interest to all company directors. In addition, failure to lodge GST returns on time may result in a legally enforceable liability based on ATO estimates. As a result, the people and processes responsible for preparation and lodgement of GST returns may find their work subject to more scrutiny .
29 Mar 2019 | Riposte | GST
Repeal of GST Regulations 1999
The 1999 GST Regulations are being repealed on 1 April 2019. A New Tax System (Goods and Services Tax) Regulations 2019 were registered on 26 March 2019 to take effect from 1 April 2019. The 2019 Regulations ‘remake and improve the operation’ of the GST Regulations without- it is intended- changing their basic operation or introducing policy change. But there are changes.
02 Jul 2018 | Riposte | Real Estate | GST
Happy New (Financial) Year! Welcome to GST Withholding...
The GST Withholding regime commenced on 1 July 2018, so purchasers exchanging from now on will be required to withhold an amount for GST when they acquire most new residential premises and potential residential land.
Due to the transitional provisions, GST withholding will not apply where the contract was entered into prior to this date and the first payment (other than any consideration paid as a deposit) is provided before 1 July 2020.
07 Feb 2018 | Riposte | GST
Purchaser GST withholding - the final cut
On 7 February 2018 the Government introduced legislation for the GST withholding measure on sales of new residential premises and potential residential land. Due to successful lobbying, there are quite a few beneficial changes in the bill compared to the Exposure Draft released in November. However the measure is still due to take effect from 1 July 2018… not leaving a lot of time to change systems and contracts.
09 Nov 2017 | Riposte | Real Estate | GST
Purchaser withholding on new homes
Draft legislation to combat phoenixing on new homes has been released, putting the onus on purchasers to withhold and pay to the ATO 1/11th of the price of their new home.
19 Jan 2017 | Riposte | GST | Real Estate
The meaning of 'GST' in property transactions
The McEwans case held that 'GST' can have different meanings in a contract. As a result of imprecise language, both parties to a sale of land subject to the margin scheme were left worse off.
18 Nov 2016 | Riposte | GST
PCG makes GST barter transactions simpler
The ATO issued a Practical Compliance Guideline on the GST treatment of barter transactions which should eliminate pesky compliance issues for many taxpayers.
17 Nov 2016 | Riposte | Real Estate | GST
GST in property transactions: who bears the risk?
How important is it to get the details right in the particulars of a contract of sale? A recent case involving a GST clause in a real estate contract demonstrates how one word can be determinative of a tax liability.
26 May 2016 | Riposte | GST
GST treatment of digital currency likely to change
Since the Australian government’s policy announcement concerning the GST treatment of digital currency in March 2016, it was clear that the tax treatment of digital currencies was likely to change, the question however, is how.
01 Sep 2015 | Riposte | GST
GST - direct and indirect objectives
When a taxpayer spends money the tax question is usually, what did it get for its money? Often the answer is obvious, but sometimes taxpayers want to argue that the law should look beyond the obvious. The Full Federal Court’s decision in Rio Tinto raises this dilemma in a GST context.
01 Sep 2015 | Riposte | GST | Private Equity
Bitcoin: GST changes looming
An Australian Senate Committee Report slates a major shake-up of the tax treatment of digital currency including a reversal of the ATO view that it is subject to GST.
14 Aug 2015 | Riposte | GST
Part IVA – revisions to ATO Practice Statement
The ATO has released draft revisions to its 2005 Practice Statement on Part IVA for significant taxpayer-favourable case law developments and analysis of the “new” Part IVA enacted 2 years ago.
23 Mar 2010 | Tax Briefs | GST
Indirect Tax Sharing Agreements
From 1 July 2010, indirect tax sharing agreements (ITSAs) will become part of the GST landscape. Under the proposed measures, GST group members and participants in an approved GST joint venture can limit their indirect tax liability by entering into an ITSA with the representative member / joint venture operator similar to the effect that tax sharing agreements (TSAs) have for consolidated groups under Division 721 of the Income Tax Assessment Act 1997.
Indirect Tax Sharing Agreements (38 kb)
26 Mar 2009 | Tax Briefs | Energy & Resources | GST
Tax Issues Arising from the CPRS
The Government released exposure draft legislation for its proposed Carbon Pollution Reduction Scheme (CPRS). This Tax Brief sets out the main tax issues that businesses will need to grasp arising from a CPRS.
Tax Issues Arising from the CPRS (46 kb)
13 Oct 2005 | Tax Briefs | GST
GST & Property Update
This tax brief provides an update on cases, legislative change and new or revised rulings in the GST and property context between March and October 2005
GST & Property Update (207 kb)
29 Jan 2005 | Tax Briefs | GST
Recovering Input Tax Under the GST Act
This Tax Brief discusses the Recoveries Trust v Commissioner of Taxation decision which examines one of the key concepts in the GST legislation, namely that of whether an acquisition is made for a “creditable purpose”
pursuant to section 11-15 such that an input tax credit can be claimed.
Recovering Input Tax Under the GST Act (135 kb)
06 Jan 2005 | Tax Briefs | GST
No room at the Inn
This Tax Brief considers the decision of the Full Federal Court in Marana Holdings Pty Ltd v Commissioner of Taxation. The decision provides guidance on the definition of ‘residential premises’ and ‘commercial residential premises’ for the purposes of the GST Act.
No room at the Inn (202 kb)
02 Aug 2004 | Tax Briefs | GST
GST Transition Surprise for Packer
This Tax Brief considers the Federal Court decision in ACP Publishing Pty Ltd v Commissioner of Taxation which held that sale of a 50% interest in a business pursuant to a “Savoy Clause” in an agreement executed in 1980 was GST-free even though it allowed the parties to determine the price for a supply after 1 July 2000.
GST Transition Surprise for Packer (250 kb)