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.
Tax News & Articles
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.
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