12 Jun 088 GST: general law partnerships and the margin scheme - GSTR 2008/D2This draft GST Ruling was released on 11 June 2008 for public comment by 25 July 2008. The draft Ruling explains how the margin scheme in Division 75 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) applies to general law partnerships and its partners.
As a result of the release of GSTR 2008/D2, GST Ruling GSTR 2003/13 was partially withdrawn with effect from 11 June 2008. The Ruling is being partially withdrawn because the ATO has revised its view in relation to the GST treatment of an in kind distribution as part of a final distribution from a general law partnership. The paragraphs withdrawn are paragraphs 136, 137, 138 (including heading), 139, 140, 141, 142 (including heading), 143, 144, 145.
Also as a result of the release of GSTR 2008/D2, a draft Addendum to GST Ruling GSTR 2003/13 has been released for public comment by 25 July 2008.
For a copy of GSTR 2008/D2, go here
For a copy of GSTR 2003/13PW, go here
For a copy of GSTR 2003/13DA, go here