12 Sep 08 Joint submission on GSTR 2008/D3 (GST: partitioning of land)On 29 August 2008, a submission in respect of GSTR 2008/D3 (Goods and services tax: partitioning of land) was lodged with the ATO on behalf of the Taxation Institute of Australia, the Institute of Chartered Accountants in Australia, the National Institute of Accountants, CPA Australia and Taxpayers Australia. The joint submission expresses in general terms the Professional Bodies' concerns about the draft Ruling and concludes:
"The ATO should not finalise GSTR 2008/D3 given that proposed amendments to the margin scheme provisions announced by the Federal Government in the 2008 Budget are likely to impact on this. Instead, the professional bodies request the ATO to issue a rewritten draft of GSTR 2008/D3 once those amendments are introduced and enacted."
For a copy of the submission, go here.