The Government had Parliament sit under urgency at the end of last week to help get away some pretty significant legislation.
New GST law was passed on Friday and now awaits the GG’s signature, expected this week.
Once enacted the new law means:
– Transactions involving land (excluding most leases) between GST registered businesses will be subject to GST at 0% from 1 April 2011.
– A new code for transactions involving nominees.
– Clarification of what a “dwelling” and “commercial dwelling” are.
– A completely new regime for how many finance companies, life insurers, charities and residential landlords claim GST on their expenses.
Having just got over the implementation of the new GST rate there’s now a lot more work to be done for some organisations.
If you’re GST registered and getting into an agreement involving land which goes unconditional or settles after 1 April 2011 you might want to have a close look at the special transitional provisions.