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.
Jayr is a lawyer at Ashurst.
Nika is a Senior Associate as Ashurst.
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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
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