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Margin scheme valuations: Part 2.

Publication date: 01 Feb 06 | Source: INTAX

Issue: February 2006

Pages: pp. 10-11


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

- Current at 19 November 2004
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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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