Goods And Services Tax

Tax

Construction costs NOT included in costs of margin scheme calculations: WYPF v FC of T

Amanda Guruge, September 10 2021

The margin scheme can be used for calculating GST on the taxable supply of real property. To be eligible, the real property must be either: Calculation methods Where the margin scheme is used to calculate GST, the GST payable is calculated on the ‘margin’ for the supply, rather than the consideration (sale price). There are two calculation...

Tax

Director Penalty Notices explained

Bruce Collins, July 13 2021

Directors aren’t liable for company debts – right? The Director Penalty Notice regime may make director’s personally liable for unpaid tax debts When setting up your company, one of the first benefits explained to you would have been ‘limited liability’ for you as a shareholder and director. As a company is an independent legal entity, liability is...