GST

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Sladen Snippet - GST on sales of vacant land by sheep grazing business

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Sladen Snippet - GST on sales of vacant land by sheep grazing business

For a supply to trigger a GST liability, it needs (amongst other things) to be made in the course of furtherance of an enterprise. A common GST question is whether the sales of vacant lots of land amount to carrying on an ‘enterprise’ and are subject to GST.

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AAT cautions the Commissioner on his sceptical approach towards taxpayers and offers a reminder in relation to burden of proof requirements

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AAT cautions the Commissioner on his sceptical approach towards taxpayers and offers a reminder in relation to burden of proof requirements

The Administrative Appeals Tribunal (Tribunal) has determined, in opposition to the Commissioner of Federal Taxation (Commissioner), that a luxury car dealer was entitled to decreasing Luxury Car Tax (LCT) and Goods and Services Tax (GST) input credits on the acquisition of a luxury vehicle.

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GST withholding: finalised ATO guidance does not even out the bumps

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GST withholding: finalised ATO guidance does not even out the bumps

GST withholding on taxable supplies of certain new residential premises or potential residential land is now in effect and applies to contracts entered into on or after 1 July 2018 (or contracts before that date where the first consideration other than the deposit is paid on or after 1 July 2020).

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Sladen Snippet - “Look through” LRBAs now law – ATO extends administrative approach to pre 24 September 2007 LRBAs

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Sladen Snippet - “Look through” LRBAs now law – ATO extends administrative approach to pre 24 September 2007 LRBAs

The income tax look-through treatment for limited recourse borrowing arrangements (LRBAs) is now law with the Tax and Superannuation Laws Amendment (2015 Measures No 2) Act 2015 receiving royal assent on 16 September 2015. This means that, effective from 1 July 2007, a super fund under a LRBA will generally be treated as the owner of an asset bought under the arrangement for income tax purposes (including for capital gains tax purposes). This includes that the bare trust under an LRBA does not need a tax file number and does not need to lodge a tax return.