09 Apr 09 GST: general law partnerships and the margin scheme - GSTR 2009/1This final GST Ruling was issued on 8 April 2009. It was previously released in draft form as GSTR 2008/D2. The 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.
At the same time, an Addendum to GSTR 2003/13 (GST: general law partnerships) has also issued. This Addendum amends GSTR 2003/13 as a consequence of a change in the Commissioner's view in relation to the question of whether upon dissolution of a general law partnership an in specie distribution made by the partnership to a partner is made for consideration.
For a copy of GSTR 2009/1, go here.
For a copy of GSTR 2003/13A3, go here.