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GST may apply to forfeited deposits.

Publication date: 11 Nov 08 | Source: AUSTRALIAN LAW JOURNAL

Issue: November 2008

Pages: pp.751-752

Abstract:

- does a vendor make a "supply" in consideration of a forfeited deposit?

- is the deposit consideration for the supplies made on exchange?

- does GST apply to all forfeited deposits?

- will GST apply where the underlying sale is GST-free or input taxed?

- what is the expected impact on vendors?

- what are the implications for margin scheme sales?

- what can a vendor do to ensure that it continues to receive the full 10% value of a forfeited deposit?

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Author profile

Matthew Cridland CTA
Matthew is Head of GST & Customs (Australia) at DLA Piper. He has specialised in GST for more than 16 years and also advises on customs and other indirect tax matters. He regularly publishes papers and articles on indirect tax developments. Matthew is a member of the GST committee for the Property Council of Australia and the Financial Services Council. - Current at 29 July 2016
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