GST Consequences and Partner Taking Goods for Private Use
The Tax Office has also released a GST determination in which it states that when a partner takes goods held by the partnership as trading stock for private or domestic use, there is a supply by the partnership to the partner that is related to the partnership’s enterprise.
The determination says a taxable supply by the partnership to the partner will arise if all the requirements for a taxable supply are satisfied. That is, the partnership will be required to remit GST on the supply to the Commissioner.
Tax Office Eyes Overdue Tax Lodgments
The Tax Office is eyeing companies, trusts, partnerships and individual taxpayers which have overdue income tax returns.
Tax Scams On Tax Office Radar
The Tax Office has recently highlighted the emergence of new tax schemes, warning taxpayers to be vigilant.
Education Tax Refund - Claims Check
The Tax Office will be data-matching with Centrelink to identify recipients who may be incorrectly claiming the education tax refund.
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