WEEK 7 – GST Part 2 Taxable Supplies and Credible Acquisitions Readings PDF

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LAWS5053 TAXATION WEEK 7 – GST Part 2 Taxable Supplies and Credible Acquisitions Readings Readings Sadiq Ch. 25 [25.50 to 25.80]; [25.190] to [25.230]; [25.250] to [25.25.290]; [25.300[ to [25.310] and [25.320] Readings List: 1. Textbook paragraph 25.50 to 25.80; 25.190 to 25.230; 25.250 to 25.25.290; 25.300 to 25.310 and 25.320 2. Note readings lecture 6 on registration (Div 23 and 25) 3. Div 31 especially ss31-5 to 10; ss31 -25 4. Div 33 especially ss33-3 to 33-15 5. Adjustments s17-10; ss 19-10, 19-45 to 19-50 6. Liability for GST ss9-40 and 13-15 7. Accounting for GST Div 29 especially ss 29-5 to 29-10; 29-40 8. s328-110 ITAA 97 9. Amount of GST payable ss 9-70 to 9-90 10. Creditable acquisitions div 11 especially ss 11-5 to 11-30 11. HP Mercantile Pty Limited v Commissioner of Taxation [2005] FCAFC 126 12. Lodge v FCT (1992) 128 CLR 171 13. Martin v FCT (1984) 2 FLR 260-On appeal-federal court 14. Jayatilake v FCT 91 ATC 4516 15. Lunney v FCT (1958) 100 CLR 478 16. Commissioner of Taxation v Secretary to the Department of Transport (Victoria) [2010] FCAFC 84 17. Rio Tinto Services Limited v Commissioner of Taxation [2015] FCAFC 117 18. Crown Estates (Sales) Pty Ltd v Commissioner of Taxation [2016] FCA 335 19. The financial acquisition threshold is defined in s 189–5. See also 189-15 20. Taxable importation ss 13-10 to 13-20. Division 42 exempts from GST various importations which are currently exempt from customs duty under Schedule 4 to the Customs Tariff Act 1995 (Cth). 21. GSTR 2006/4 22. Tax invoices and adjustment notes ss 29-10; 29-70 to 29-75 23. GSTR 2000/10

Sadiq Ch. 25 [25.50 to 25.80]; [25.190] to [25.230]; [25.250] to [25.25.290]; [25.300[ to [25.310] and [25.320] CHAPTER 25: GOOD AND SERVICES TAX KEY POINTS

REGISTRATION

ENTERPRISE

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Taxpayer carrying on business for tax purposes or isolated commercial transaction that constitutes a business  FCT v Whitfords Beach Pty Ltd

REGISTRATION TURNOVER THRESHOLD

CREDIBLE ACQUISITION

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Acquisition: goods, services, advice or information, grant, assessment or surrender of real property or any right, financial supply, right to require action or restraint from someone Credible purpose: s11-15 GST Act Acquisitions related to input taxed supplies  not credible acquisitions Financial supplies:

Solely or partly: ensures that an acquisition will still be treated as being for a credible purpose even though the entity may have had a non-business purpose as well as a business purpose in making the acquisition  s11-15 GST Act Supply to the entity was a taxable supply

IMPORTATION

TAXABLE IMPORTATION

CONSEQUENCES OF MAKING A TAXABLE IMPORTATION - GST is payable on the making of a taxable importation by the person making the taxable importation  ss13-1 and 13-15 - 10% of the value of the taxable importation CREDIBLE IMPORTATION

CONSEQUENCES OF CREDIBLE IMPORTATIONS

25.300[ to [25.310] and [25.320] ADMINISTRATION

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Timing  accrual basis or cash basis of accounting Tax invoice

ADJUSTMENTS

INTERACTION WITH OTHER TAXES Income Tax:...