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.
Offsetting Business Losses against Other Income
Taxpayers who exceeded the new income threshold can, in limited circumstances, still offset their business losses.
Phoenix Activities - Government Flags Possible Action
The Government has flagged possible action to combat fraudulent phoenix activities.
Dodgy GST Arrangements and Artificial Credits on Tax Office Radar
A Taxpayer Alert warning taxpayers about uncommercial arrangements to obtain reduced input tax credits.
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