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New GST laws to make it easier for creditors


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 specialises in tax advice, particularly in complex tax litigation and tax audit matters. He has extensive experience in negotiating and settling tax-related disputes, with an emphasis on achieving efficient and commercial outcomes for his clients. Mark regularly advises clients on various tax structuring and compliance issues in a range of areas, under both federal and state-based revenue laws. He also advises clients on various other legal issues, including financial and reporting obligations, and compliance with corporate and competition laws. Mark has been a member of The Tax Institute's Professional Development Committee in Victoria since February 2015. He holds a Bachelor of Laws and a Bachelor of Commerce from La Trobe University, and is currently completing a Master of Laws at the University of Melbourne. - Current at 26 July 2017
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