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15 Feb 12 Exposure Draft - GST and the sale of a corporation's property by a mortgagee or chargee

In the 2011-12 Budget (Budget Paper No 2, page 25) the Government announced that it would amend the GST law to clarify that Division 105 of the GST Act operates to the exclusion of Division 58 of the GST Act where a mortgagee in possession or control sells the property of a corporation.

On 14 February 2012, Treasury released for public comment exposure draft legislation that seeks to clarify the GST law for entities in the mortgage lending sector so that representatives of incapacitated entities will no longer need to differentiate between different provisions of the GST law and will be able to report and account under a single registration.

The closing date for submissions is Tuesday 13 March 2012.

 


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