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Proposed GST domestic reverse charge…a good idea?

GST is a hazardous tax, not only for taxpayers, but also for the Government. Unlike income tax, the Government has a commitment to refund GST, and this part of the GST mechanism leaves the tax open to manipulation.  The hazard is greatest where the assets are the most expensive.  The domestic reverse charge mechanism will to an extent reduce the risk the Government faces from being ripped off through the GST system in relation to the most expensive items being traded in our economy.

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GST changes in the wings?

A discussion document released 5 November 2005 proposes a domestic reverse charge (“DRC”) for transactions involving the supplies of land, going concerns or other assets valued at more than $50 million.  If adopted this proposal would mean that the buyer, rather than the seller would account for goods and services tax (“GST”) where the DRC applies.

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  • Peter: When you have more than one job all your income is added up and you pay tax on the total income amount. For...
  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
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