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GST

The introduction of the GST in 2000 brought with it changes to the way in which many transactions, especially the sale of land and businesses, were handled.  LPLC’s GST hotline has helped many practitioners work through the complexities of GST and as a result we have had only a modest number of claims arising out of GST mistakes.

The claims LPLC sees usually occur in relation to the sale of commercial or new residential land or the sale of businesses.  The mistakes come about for a variety of reasons, often because the right information is not obtained from the parties about GST registration status or because of a lack of understanding of how the GST rules apply.

The material in this section helps explain why claims have occurred and answers some FAQs about how GST works.


 

7 December 2016

In Check Issue 73 | December 2016

Table of contentsCyber risk awareness for lawyers and clientsPPS – Raising awareness – how accurate is your registration?Termination of contract noticesA new GST checklistA new risk managerCommon GST questionBook now for our 2017 Risk Management SeminarsLaw Institute Journal articlesOffice closure over Christmas and New Year Cyber risk awareness for lawyers and clients We regularly hear […]

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28 September 2016

In Check Issue 72 | September 2016

Table of contentsClarifying some CGT withholding issuesPriority notices to commence in December 2016Unfair contract terms protection extended to small businessCommon GST question2016 Risk Management SeminarsLaw Institute Journal articles Clarifying some CGT withholding issues If you missed LPLC’s three recent bulletins about the new CGT withholding regime you can read them here. As our bulletins explain, the new regime […]

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27 June 2016

In Check Issue 71 | June 2016

Table of contentsUrgent bulletin for conveyancing practitioners: 1 July new CGT withholding payments for real property sale of $2M or moreA further stamp duty increase for foreign purchasersChanges to lodging fees from 1 July 2016Changes to the Power of Attorney Act 2014Badenach v Calvert – the final chapterNew page for new firms on LPLC websiteCommon […]

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31 March 2016

In Check Issue 70 | March 2016

Table of contentsCyber-crime – how alert are you?Common GST questionImportance of good working relationships within the professionReminder for RedCrest2016 Risk Management SeminarsCheck your contracts for deemed serviceNew look websiteLaw Institute Journal articles Cyber-crime – how alert are you? Lawyers and the legal profession are increasingly becoming targets of cyber-crime and while many law firms may not […]

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1 December 2015

In Check Issue 69 | December 2015

Table of contentsCount your days to the end of the year carefullyCommon GST queries about the farming business exemptionUpdated purchaser statementChanges to foreign investment framework2016 Risk Management SeminarsNew training video – The New NormalOffice closure over Christmas and New YearLaw Institute Journal articles Count your days to the end of the year carefully As the […]

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4 September 2015

Nomination woes – GST, foreign investment and stamp duty

Look before you leap is an old age adage that is well suited to the situation where a client informs their practitioner that they want to nominate. LPLC has seen a number of claims where a practitioner has failed to fully advise a client about the consequences of nominating. In one claim a practitioner was […]

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17 December 2012

Common GST Hotline queries

Q: My client owns and is about to auction a vacant block of residential land and is registered for GST. The proceeds will be used in the client’s general business operations. Is GST exempt because it is residential land? A: Vacant land can never be considered to be residential premises. So, in the case of […]

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16 December 2012

Duties Online System

The LPLC has recently received queries from practitioners in relation to the State Revenue Office’s Duties Online System and the agreement that practitioners are asked to sign in order to use the system. Last year LPLC had discussions with the State Revenue Office in relation to the limitation of liability and indemnity clauses at 8.4 […]

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2 June 2010

GST: Subjective test for ‘use as residential accommodation’

Whether or not the sale of a property is considered to be the supply of residential premises to be used predominantly for residential accommodation was confirmed to be a subjective test by Perram J in Sanchen Pty Ltd v Commissioner of Taxation [2010] FCA 21. Perram J noted that while he thought the wording of the relevant section (section 40.65(1) A […]

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23 November 2016

Key Risk Checklist: GST

GST is not simple but there are some simple steps you can take to help protect you and your clients. References to divisions and sections can be found in A New Tax System (Goods and Services Tax) Act 1999 (Cwlth) Input taxed supplies ☐  Is the supply wholly input taxed? No GST payable where the […]

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11 May 2017

Know your limits

Table of contentsIntroductionLessons from the claimsTime limits most commonly missedClaims examples Introduction With the proliferation of time limits in legislation today missing limitation dates is a mistake that occurs in many areas of the law. The reasons for missing time limits are varied as are the potential repercussions. Sometimes it is a lack of knowledge […]

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