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New GST laws to make it easier for creditors

Published on 01 Feb 13 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Recent amendments to the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GSTA), by the Tax Laws Amendment (2012 Measures No. 4) Act 2012, affect the GST obligations of a representative of an incapacitated entity, where the representative makes a supply in satisfaction of a debt that the incapacitated entity owes the representative.

The stated effect of the amendments is to ensure that Div 105 GSTA operates to the exclusion of Div 58 of that Act in circumstances where a representative of an incapacitated entity is a creditor of the incapacitated entity, and the representative makes a supply in satisfaction of a debt that the incapacitated entity owes to the representative. This would allow the representative to continue to report its GST obligations under the one registration. This article examines the background to and the effect of the amendments.

Author profile:

Mark Gioskos FTI
Mark was admitted to practice in April 2012, and works in the Tax Practice at Thomsons Lawyers. His areas of practice include the taxation of trusts and other business structures, dispute resolution (particularly in the SME sector), residency issues, state taxes (including duty, payroll tax and land tax), CGT, GST, superannuation, competition law, and corporate compliance with regulatory obligations. Mark graduated with Bachelor of Laws and Bachelor of Commerce degrees from Latrobe University, and was awarded the Dean's Commendation in 2011. Current at 01 January 2016 Click here to expand/collapse more articles by Mark Gioskos.
 
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