Published on 01 Aug 00
by THE TAX INSTITUTE
The Institute of Chartered Accountants in Australia, CPA Australia, The Taxation Institute of Australia, Taxpayers Australia Inc. and The National Institute of Accountants Comments on Draft Goods & Services Tax Ruling GSTR 2000/D18 Goods and Services Tax: Division 156 supplies and acquisitions made on a progressive or periodic basis.
The professional bodies generally endorse the approach adopted by the ATO in Draft GST Ruling 2000/D18 subject to the following:
The Draft Ruling fails to address supplies of intellectual property, such as the sale of copyright. For example, an entity accounting for GST on a basis other than cash, is commissioned to make a film. Draw down funding is given to the entity to make the film and therefore at this point the sale of copyright occurs.
TAXPAYERS AUSTRALIA INC
TAXATION INSTITUTE OF AUSTRALIA
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INSTITUTE OF CHARTERED ACCOUNTANTS
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NATIONAL INSTITUTE OF ACCOUNTANTS