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Latest Accounting News
Hot Issues
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
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Are young investors wasting their youth?
ATO sending 'more letters than ever' on income tax errors
Powerful Budgeting, cash flow and Super Tools available on our site.
Property, unit trusts in ATO's sights
Australian Dietary Guidelines and healthy eating chart (PDF)
Major Bank Levy Passed
NSW tops list as ATO reveals billions in lost super
Australia's leading causes of death - ABS
How is your super going, ready for retirement?
ATO increasing data exchange with international regulators
Illegal SMSF early access scheme leads to $6,000 fine
Our 'hardest' SMSF tasks
Uber drivers hit for 10% tax
Lack of literacy promotes unrealistic goals
Taxpayer failed to prove that payments were “loans”
New STP dates confirmed as ATO goes on compliance blitz
ATO flags compliance project for FY17/18
Items that heat up your depreciation deductions
Doing a budget is a good idea but ....
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Articles
Last-minute super contributions
ATO reporting requirements for builders and contractors
Pitfalls of 'late' super payment
Important - Private Health Insurance Rebate - 2012-13
Tax Time checklist - Company, Trust or Partnership - 2012
Tax time checklist - Superannuation Fund - 2012
Tax time checklist - Individuals - 2012
GST Change of Use Continuing Obligations
What is 'lost' Super?
Small Business CGT Concessions
GST Private Use Continuing Obligations

April\May 2011 Newsletter

Federal Budget 2012 - 2013  -  At a Glance
Federal Budget 2012-13  -  Overview
Federal Budget 2012 - 2013
More Pressure on SME's
Who will pay the unexpected FBT?
Carbon tax to commence on 1 July 2012
Government Set on Countering Phoenix Activities
MARCH 2012 NEWSLETTER
GST Change of Use Continuing Obligations

Whenever a GST input tax credit is claimed for a thing .....

..... that is not used 100% for business use, an ongoing obligation arises.

Change of use might also occur because a property constructed and expected to be sold as new residential property, is changed to a rental property.

A change of use might also occur for an investor who has multiple investment properties.  Residential properties are input taxed, but rents are taxable supplies, whilst commercial residential might also complicate affairs.  An increase in rentals received (or expected to be received) might exceed the registration threshold.

If such an owner used a motor vehicle to collect the rent, then as the rents vary, the proportion of GST claimable on the motor vehicle expenses also varies over time.

The number of periods that this use must be monitored depends on the GST free cost, as well as whether the taxpayer is a quarterly or annually remitter.

It is important to be alert to notify your GST preparer that a change of use has occurred and to provide them with sufficient information to assess the lodgement requirements and the timing of those lodgement requirements.

 

 

 

 

 

 

 

 



22nd-June-2012