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Margin scheme valuations: Part 2.

Publication date: 01 Feb 06 | Source: INTAX

Issue: February 2006

Pages: pp. 10-11

Abstract:

Division 75 of the A New Tax System (Goods and Services Tax) Act 1992 conceptually is one of the simplest and most logical provisions. 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 this provision.  Moreover there are a significant number of cases lodged with the Federal Court and the Administrative Appeals Tribunal dealing with the margin scheme.

In December/January 2005-2006 INTAX  the authors discussed the reasons behind the comlexity and outlined the range of unnecessarily complex legislative determinations. This month we consider the legislative amendments, cases and Tax Office Rulings that have further complicated this area of GST practice.

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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 Global Head of Indirect Tax for KPMG, as well as leading the Indirect Tax and Tax Technology practices for KPMG China. As part of his role in KPMG China, Lachlan led KPMG China’s efforts in relation to the VAT reform pilot program in China, including providing advice to various Government agencies in relation to several key aspects of the VAT reforms, including the application of VAT to financial services, insurance, construction and real estate, transfers of a business, as well as other reforms relating to the introduction of Advance Rulings in China. Previously he was a partner of KPMG Australia for over 11 years as the head of Indirect Tax in Sydney, and the National head of Tax Controversy services for KPMG Tax Lawyers Pty Ltd. Lachlan is also formerly a Director of the Tax Institute. - Current at 30 September 2019
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