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Latest Accounting News
Hot Issues
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Our website is really our digital office.
‘Substantiation will be a key focus’: ATO drums in tax time 2018 hit list
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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