Contract mistakes can be costly, and administering them often needs an understanding of both what is trying to be achieved and the legal aspects. It is important, as part of the overall contract, to have an understanding of the Goods and Services Tax (GST) issues that may arise as a result of the transaction.

Under the GST Act, the supplier incurs the liability to pay GST but the supplier has no statutory right to pass on that GST liability to the purchaser – this needs to be done as part of the contractual relationship. How this contractual relationship is recorded is critical and many of the commercial disputes involve a contest about the terms of the contractual relationship.

Government to unveil strategies - direct ATO to persue billions of Superannuation dollars owed to workers. 

IPO’s, capital raisings and mergers and acquisitions: have you considered GST & the Financial Acquisitions Threshold (the FAT)?  
 
There are specific GST rules for making financial supplies, including IPO’s, capital raising, mergers and acquisitions, and dealings in shares. While financial supplies are usually input-taxed and therefore do not attract a liability to remit GST, they generally have no GST recovery on expenses relating to these supplies.

Nearly 200 countries have made an unprecedented and historic pledge at the COP26 climate summit to speed up the end of fossil fuel subsidies and reduce the use of coal. Until COP26, coal and fossil fuel subsidies have never been explicitly mentioned in 26 years of treaties and decisions at UN climate talks, despite fossil fuels being one of the key drivers of global warming and $5.9 trillion of subsidies being given annually to coal, oil and gas.
 

Over the years, several goods and services tax (GST) disputes have been brought before the Courts and they continue to this day. Some disputes involve the Commissioner, but many involve the parties to the transaction. 

Disputes involving the Commissioner generally involve the question of whether GST is payable or whether the margin scheme can apply. Disputes involving the parties to the transaction generally do not involve the question of whether GST is payable, but rather as to who is to bear the ultimate liability for GST.

We have had a number of enquires recently about how the “principal residence” exemption for land tax applies when you are away from home on 30 June (the date land tax is assessed in Western Australia), and you have rented out the home in your absence.