Margin scheme could not be applied subsequent to taxable supply - Cyonara Snowfox
10 Dec 2012
The Full Federal Court (Greenwood, Collier and Middleton JJ) has dismissed the taxpayer's appeal from the decision of the AAT in Cyonara Snowfox Pty Ltd v FCT  AATA 124.
In that case the AAT held that the scheme of the GST Act suggests that the time when a supplier would ordinarily “work out” the amount of GST on a taxable supply is the time of accounting to the Commissioner by lodging a Business Activity Statement identifying the net amount of GST payable for a relevant period, and that it was not possible thereafter for the taxpayer to choose to apply the margin scheme. The Full Court agreed.
Cyonara Snowfox Pty Ltd v FCT  FCAFC 177 (Full Federal Court, Greenwood, Collier and Middleton JJ, 4 December 2012)