Fundamental to any tax advice is the identification and clarification of the relevant, underlying facts and circumstances. Without doing so it is difficult to determine the tax implications applicable to those facts and circumstances. Also, even minor changes to such facts and circumstances may alter the tax implications.
The recent Federal Court Simplot Case debated on whether six frozen food products were ‘food of a kind marketed as a prepared meal’, and as such is subject to GST. In this article we analyse the verdict and discuss the possibility of some GST reform.
Despite the GST regime being in place for over 20 years, this continues to be an interesting issue. Why? Probably because it is important to understand and clarify the facts and circumstances of each case, which generally means understanding the commercial terms of the transaction. In this article we have used examples to demonstrate the issues and implications.
These are some of the quirks or myths of GST often hear from clients seeking to apply either the going concern or farmland exemption to transactions. In this article, we aim to clear up all the confusion around these issues.
The end of the financial year (30 June) usually prompts a review of bad and doubtful debts. So, it is worth revisiting the GST rules that apply to bad debts.
The majority of margin scheme transactions are relatively straightforward, and requires the following two key questions to be addressed: Am I eligible to apply the
We regularly get asked to advise on the correct GST treatment of a forfeited deposit where the proposed transaction to which the forfeiture relates was
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