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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
Mark Gioskos, FTI, specialises in taxation and revenue law. He has extensive experience in Federal, State and Territory tax and commercial matters and has acted for governmental, public and private entities and individuals. Mark is a Senior Fellow of Melbourne Law School, The University of Melbourne, where he teaches within the Melbourne Law Masters program. He serves as a member of the Tax Bar Association committee and The Tax Institute's Victorian State Council. He holds a Master of Laws from The University of Melbourne and is a Fellow of The Tax Institute. Mark was named as a winner of the Australasian Lawyer 2022 Rising Star awards. He has authored several journal articles and is a regular presenter at conferences and seminars. - Current at 08 May 2024
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