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Question:

Discuss about the Taxation for Goods and Services Tax.

 

Answer:

Section Breached

The section 7.1 of A New Tax System (goods and services tax) Act 1999,  provides that goods and services tax is payable on taxable importations and taxable supplies. The section 9.5 of the A New Tax System (goods and services tax) Act 1999 provides that a supply is considered as taxable supply if it is made for a consideration, the supplies made for furtherance of the Enterprise, the supply is related to indirect tax zone and is necessary for the taxpayer to be registered (Gasser and Kanniappan, 2013). The section 9-10 of A New Tax System (goods and services tax) Act 1999 states that supply includes supply of goods, services, grants, financial supply and others. The meaning of supply does not includes the supply of money. The meaning of consideration is provided in section 9-15 of the act. The consideration includes payments that are made in connection with supply. In addition to this the terms consideration includes payments that are made for supplying anything. In this case, the court is required to decide whether the section 38-325 of A New Tax System (goods and services tax) Act 1999 was breached or misapplied by the taxpayer. The section provides that supply related to a going concern is free from GST provided consideration is paid for the supply, recipient of the supply is registered and it is also necessary that there is a  written agreement between the supplier and recipient that the supply is for going concern (Oleniuk et al. 2015). The supply of a Going Concern means the supply that are made under an agreement to provide all the supplies to the recipient that are necessary for continuing the operation of the business. The issue here is to determine whether selling of residential development site should be regarded as supply for Going Concern and is free from GST under section 38-325 of A New Tax System (goods and services tax) Act 1999. The court is also required to decide whether the taxpayer has applied reasonable care before formulating the business activity statement (Perotti and Coviello, 2015). If the taxpayer fails to take reasonable care then penalty is applied on the customer. The court is required to decide whether the commissioner has the power to reduce the penalty that has been assessed or whether the assessment should be completely set aside. The court held that the land should be considered as supply for the purpose of section 9-5 as per the goods and services Tax Act. The supply of land is not a GST free supply (Welsh 2014). 

 

Reference

Gasser, B. and Kanniappan, S., 2013. Practical GST issues. Taxation in Australia, 48(3), p.126.

Oleniuk, T.L., Barretto, J. and Forrest, J., 2015. Recent Regulatory and Legislative Developments of Interest to Energy Lawyers. Alta. L. Rev., 53, p.529.

Perotti, R. and Coviello, M., 2015. Governance of strategic minerals in Latin America: the case of Lithium.

Welsh, M., 2014. Realising the public potential of corporate law: Twenty years of civil penalty enforcement in Australia. Fed. L. Rev., 42, p.217. 

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