Published on 06 Sep 12
by NATIONAL DIVISION, THE TAX INSTITUTE
Most businesses will be exposed in some way to issues concerning compensation for loss, whether through insurance or damages or warranty claims. Natural disasters in recent times have brought insurance issues into particular focus.
This paper covers:
- basic concepts
- taxable supply
- compensation for loss
- voluntary payments
- settlement arrangements
- the ATO’s view - GSTR 2001/4
- GST clauses
- court or tribunal orders
- making of an order
- quantum meruit
- court order amended for GST
- cnterest (pre and post judgement)
- waiver of the requirement to hold a tax invoice / adjustment note
- settlement arrangement tips
- ATO's View – GSTD 2006/1 and GSTD 2006/2
- proposed amendments to GST-free treatment of warranties
- breach of warranty.
Geoffrey Mann CTA
Geoff Mann, CTA, is a Partner in the Tax team at Ashurst. He advises on indirect tax, with particular emphasis on GST, stamp duty, land tax and human resources taxes. Geoff has over 25 years’ experience. Geoff’s broad practice enables him to consult in relation to overall tax management strategies and review programs, as well as due diligence exercises and dispute resolution. Current at 21 October 2016
Click here to expand/collapse more articles by Geoff MANN.
Jayr is a lawyer at Ashurst.
Nika is a Senior Associate as Ashurst.
Click here to expand/collapse more articles by Nika Dharmadasa.
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