New GST laws to make it easier for creditors
Source: Taxation In Australia Journal Article
Published Date: 1 Feb 2013
Recent amendments to the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GSTA), by the Tax Laws Amendment (2012 Measures No. 4) Act 2012, affect the GST obligations of a representative of an incapacitated entity, where the representative makes a supply in satisfaction of a debt that the incapacitated entity owes the representative.
The stated effect of the amendments is to ensure that Div 105 GSTA operates to the exclusion of Div 58 of that Act in circumstances where a representative of an incapacitated entity is a creditor of the incapacitated entity, and the representative makes a supply in satisfaction of a debt that the incapacitated entity owes to the representative. This would allow the representative to continue to report its GST obligations under the one registration. This article examines the background to and the effect of the amendments.
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Details
- Published By: Mark Gioskos FTI
- Published On:1 Feb 2013
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