Iain Blakeley

Barrister - Tax Expert - Business Adviser - Director, Professional, Practical, Fast, Affordable

Hidden GST traps

Commonsense prevails: well almost

Yesterday the Australian Tax Office issued a practice statement explaining when it would overlook an incorrect GST input claim made by a business. You can read it here On the face of it the practice statement reeks of commonsense. The supplier wrongly applies GST to...

Vendor financing

Useful recent Australian tax case on GST and vendor loans. Mathiesen Family Trust v FC of T [2013] ATC 10-327, 15 July 2013. The taxpayer agreed to sell land for $3.5m. The purchaser could only pay $2m on settlement and borrowed the balance of $1.5m from the vendor,...

Starting a new business?

If you're thinking about starting a new business be careful how much you spend on "preparatory and exploratory" work. An Australian tax court has just concluded that a couple could not claim back GST on "preparatory and exploratory" expenditure because their business...

NZ tax department reveals its compliance focus

Our new tax Commissioner has just released a document outlining her department's key compliance programmes for 2012/13.http://www.ird.govt.nz/resources/6/6/661d18004c5fb8aea1cde57bdeadb8e8/our-compliance-focus-2012.pdf?CACHEID=661d18004c5fb8aea1cde57bdeadb8e8The 32...

Emissions units

Receiving emissions units can cost you. It's easy to assume GST doesn't apply to emissions units. The legislation has specific provisions which "zero rate" many supplies of emissions units so perhaps the natural presumption is, you don't have to worry about GST...

Penny and Hooper decision carries GST lessons.

The Supreme Court ruled yesterday that orthopaedic surgeons Ian Penny and Gary Hooper avoided tax when they diverted income from their practices to lower tax rate entities such as companies and trusts. A significant issue was the below market salaries they paid...

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