Become a Member
Membership
Education
Events
Resources
Tax Knowledge Exchange
About us
Contact us
  Miscellaneous 2006

Tax cases: GST on forfeited deposits

Source: Taxation In Australia Journal Article

Published Date: 1 Aug 2006

 
It is not uncommon for a vendor in a contract for the sale of valuable items to require a purchaser to provide a deposit following execution of the contract. Where the transaction proceeds to completion, Division 99 of the A New Tax System (Goods and Services Tax) Act 1999 applies such that the deposit becomes part of the purchase price. However, where the contract is rescinded due to the purchaser’s default and the vendor retains the deposit, the application of the GST Act to the forfeited deposit is unclear.
Author(s)

Sorry, this is subscriber only content.

To gain access to this material and much more - Subscribe Now.

(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).

Subscribe Now

Already a Subscriber? Login now

Download

Details

The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

The Tax Institute
(ABN 45 008 392 372 (PRV14016))

("TTI")

The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009. 

Copyright Statement

All materials provided on this site are protected by copyright and are owned by or licensed to TTI.

Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.

Tags

Miscellaneous 2006

Share this page