Gst - Tax Blog

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...

Audits and Reviews by the ATO and State and Territory Revenue agencies

Bruce Collins, August 16 2021

In the course of your taxpaying life, revenue agencies like the ATO may conduct a review or an audit of your tax or super affairs. While you may have an accountant or tax agent handling your routine affairs, tax laws are complex and reviews or audits also involve a lot of administrative law.

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...