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09 Apr 09 GST: trading stock taken by partner for private or domestic use - GSTD 2009/D1

This draft GST Determination was released on 8 April 2009 for public comment by 8 May 2009. Its full title is "Goods and services tax: are there GST consequences when a partner in a partnership takes goods held as trading stock for private or domestic use?"

The answer given is Yes, when a partner in a partnership takes goods held as trading stock for private or domestic use there is a supply by the partnership to the partner in the course or furtherance of the partnership's enterprise. If the other elements of s 9-5 of the GST Act are satisfied, there will be a taxable supply by the partnership to the partner. Division 72 will apply where the partner provides no consideration or inadequate consideration for the supply. Division 130, which deals with goods applied solely to private or domestic use, does not apply.

As a result of the release of GSTD 2009/D1, GST Determination GSTD 2003/2 (GST: are there GST consequences when a partner in a partnership takes goods held as trading stock for private or domestic use?) has been withdrawn with effect from 8 April 2009.

For a copy of GSTD 2009/D1, go here.

For a copy of GSTD 2003/2W, go here.

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