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GST margin scheme - a system in administrative disarray.

Publication date: 06 Jan 06 | Source: WEEKLY TAX BULLETIN

Issue: No 1 2006

Pages: pp. 4-5

Abstract:
Division 75 of the GST Act is conceptually one of the simplest and most logical provisions of Australia's taxing legislation. Yet despite this, the Commissioner has issued no fewer than 6 rulings, 5 legislative determinations, 3 Taxpayer Alerts, 3 Practice Statements and numerous Fact Sheets relating to these provisions. Moreover, there are a significant number of cases lodged with the Federal Court and the AAT dealing with the margin scheme.

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Author profiles

Kirk WILSON
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Anetta Johnston CTA
Anetta is a Tax Director in the KPMG Adelaide Corporate Tax practice. She has qualifications in both law and commerce and has over 15 years' experience working as a tax advisor in various law firms and at KPMG. Prior to rejoining KPMG in December 2015, Anetta worked for 5 and a half years as a Senior Associate in the taxation group of Arnold Bloch Liebler in Melbourne where she was involved predominately in taxation audits and disputes. Anetta's work in managing and resolving audits and disputes included preparing responses to position papers, preparation and lodgement of objections to notices of assessment and penalty notices, drafting settlement proposals and ongoing communications and negotiations with the ATO. Her work at KPMG involves advising clients on general income tax and GST matters, tax and corporate restructuring, M&A transactions and taxation audits and disputes. Anetta's clients include People's Choice Credit Union, Beyond Bank, Flinders Ports and various other private groups and high net worth individuals. - Current at 07 December 2016
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Lachlan Wolfers CTA
Lachlan is the leader of KPMG’s Indirect Tax practice in China and a member of KPMG’s Global Indirect Taxes leadership team. He was formerly a director of The Tax Institute, and leader of KPMG’s Indirect Taxes and Tax Controversy practices in Australia prior to his relocation to China in 2011. In his current role, Lachlan is assisting multinational companies transition to VAT in China. He is a frequent presenter and media commentator on VAT issues in China, and is currently advising China’s Ministry of Finance and State Administration of Taxation on several tax reforms, including VAT and Advance Rulings. - Current at 27 August 2012
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