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World's largest armies 1816 - 2020
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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
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Tax time checklist - Individuals - 2012
GST Change of Use Continuing Obligations
What is 'lost' Super?
Small Business CGT Concessions
GST Private Use Continuing Obligations
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
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