GST and deposits: the story behind the news.

Australasian Business Intelligence, August, 2006

Byline: Paul Stacey

Aug 09, 2006 (Taxation in Australia - ABIX via COMTEX) -- The decision of the Administrative Appeals Tribunal (AAT) in the Reliance Carpet Company case has caused a lot of angst. The AAT ruled that the Australian Taxation Office was within its rights to levy the goods and services tax on a forfeited deposit on a sale of property that did not go through. Industries such as the tourism sector were already angry with the ATO as a result of its issue of GSTR 2006/2 in April 2006. Companies are of the view that the ATO is expecting them to account for the GST on their taxable supplies sooner than they should need to.

Publication Date: August 2006

AUSTRALIA. ADMINISTRATIVE APPEALS TRIBUNAL

AUSTRALIAN TAXATION OFFICE...

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