Business Services Industry
GST and deposits: the story behind the news.
Australasian Business Intelligence, September, 2006
Byline: Paul Stacey
Sep 15, 2006 (Taxation in Australia - ABIX via COMTEX) -- The decision of the Administrative Appeals Tribunal (AAT) in the Reliance Carpet Company case 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. Not surprisingly, Reliance Carpet has since announced that it will appeal the AAT's decision. 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: September...
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