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Compensation for loss: Settlement arrangements, court orders and warranty claims paper

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
    • supply
    • consideration
  • compensation for loss
    • statute
    • contract
    • 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
  • apportionment
  • costs
  • cnterest (pre and post judgement)
  • waiver of the requirement to hold a tax invoice / adjustment note
  • settlement arrangement tips
  • warranty
    • background
    • ATO's View – GSTD 2006/1 and GSTD 2006/2
    • cases
    • analysis
    • proposed amendments to GST-free treatment of warranties
    • breach of warranty.

Author profiles:

Jayr Teng
Jayr is a lawyer at Ashurst. Current at 18 September 2012
 
Nika Dharmadasa
Nika is a Senior Associate as Ashurst. Current at 22 October 2013 Click here to expand/collapse more articles by Nika Dharmadasa.

Author Photo - Geoff MANN
Geoff MANN
Geoff is a Partner at Blake Dawson Waldron. His practice covers most areas of indirect tax law. Geoff’s broad practice enables him to consult in relation to overall tax management strategies and review programs as well as due diligence exercises. Geoff has practised in stamp duty for over 18 years, advising on a wide range of transactions and issues across all states and territories duties legislation. Geoff’s multi skilling across tax areas, his dual legal and accounting qualifications, as well as his practical exposure to legal drafting put him in a unique position to address the issues arising in his areas of practise.
Current at 25 September 2007 Current at 06 October 2010 Click here to expand/collapse more articles by Geoff MANN.

This was presented at 2012 National GST Intensive .

Get a 20% discount when you buy all the items from this event.

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Joint keynote address

Author(s):  James O'HALLORAN,  Robert OLDING

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GST issues and wealth management

Author(s):  Bill PACKWOOD,  Amelia O'Rourke

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GST ruling system in practice

Author(s):  Mark L ROBERTSON

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