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GST essentials for distressed asset sales

Published on 01 Apr 09 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Australia’s faltering economy has seen a rapid rise in distressed asset sales. This is the first major economic downturn since the introduction of the goods and services tax (GST), and given the complexity of the issues involved and potential for personal liability, it is critical that parties including liquidators, receivers, administrators, trustees in bankruptcy and mortgagees in possession correctly identify and comply with their GST obligations. This article considers the main issues that arise and, in particular, significant recent developments.

Author profiles

Mark West CTA
Photo of author, Mark WEST Mark is a principal and founder at West Garbutt. Qualified as a lawyer, chartered accountant and chartered tax adviser, Mark provides advice across the spectrum of taxes. He has experience in income tax, capital gains tax, goods and services tax, fringe benefits tax, payroll tax and land tax. Mark assists with all legal matters involving taxation law, including making applications for private, class or product rulings from the ATO. He assists with tax audits and with related settlement negotiations with the ATO and State revenue authorities. He also provides tax advice on restructures, mergers and acquisitions, and on debt and equity fundraisings. He has acted for clients in tax cases before the Administrative Appeals Tribunal and the Full Federal Court. Mark conducts tax due diligence reviews, prudential reviews (i.e. prior to ATO or State revenue authority audit) of taxation exposures and gives opinions on uncertain or ‘reportable’ tax positions. Mark acts for high wealth individuals, for private groups and for listed company groups across sectors including engineering, investment funds, information technology and property. He has a number of clients in the retirement living field and is a recognised expert on taxation issues in that industry. He also advises on taxation matters for the non-profit sector, including private ancillary foundations. Mark regularly conducts training and presentations on taxation matters for accounting and legal firms as well as for professional and industry bodies. Marks expertise has been recognised by his peers for many years. In recent years Mark been listed as a leading tax lawyer in Queensland by Doyles Guide for 2017 and 2018. Mark has also been recognised by his peers for inclusion in the The Best Lawyers™ in Australia since 2013 for Tax Law, Retirement Villages and Senior Living Law. - Current at 19 September 2019
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David Marschke CTA
Photo of author, David MARSCHKE David is a specialist tax and legal adviser who acts for listed and private corporate groups, and their owners, in all areas of tax and related law including GST and state taxes. David has been involved in a wide range M&A transactions assisting listed and unlisted entities and has significant expertise dealing with tax effective business restructures and exits. He is a specialist adviser on trust law and taxation of trusts including MITs. David recently founded dbm horizons as a boutique legal, tax and consulting firm. Prior to founding dbm horizons David was a tax partner at national law firm. In addition, David has significant experience assisting taxpayers and their advisers in dispute matters including tax reviews, audits and complex tax negotiations, and settlements with the ATO and the State revenue offices. David is a Legal Practitioner, Registered Tax Agent, Chartered Tax Adviser and is a member of Chartered Accountants Australia and New Zealand. - Current at 11 July 2018
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