23 GST Update - New GST Apportionment Rules (Webinar Recording)
excl. GST - Broadcast Date: 9 March 2023
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Product Description
The GST Apportionment rules (or change-of-use rules) were amended from 1 April 2011 with the scrapping of the principal purpose test and the introduction of the percentage use approach. This change was meant to simplify the adjustments required where goods and services are used for taxable and non-taxable purposes. However, they have proved complex and compliance intensive, and are poorly understood.
As a result, significant amendments to the GST apportionment rules to simplify them and reduce compliance are proposed to apply from 1 April 2023.
This webinar will examine the proposed amendments including
• Reintroduced principal purpose test for supplies of $10,000 and under
• The new “exempt good” supply rules for goods used for the principal purpose of making non-taxable supplies, but with some taxable use (e.g. farm houses)
• Simplified permanent change of use rules
• New anti-avoidance rules
• Changes to the mixed-use asset apportionment rule
Upon satisfactory completion of this activity, you will:
• Be updated with the changes to the GST apportionment rules
• Equipped with the knowledge you require to assist your clients in applying these rules
• Understand the “exempt good” transitional rules
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
This webinar is intended for accountants working with GST from those preparing GST returns for clients through to senior staff members advising clients on their GST obligations.
It is suitable for accountants in public practice, corporate accountants, and in business.
PRESENTER:
Stephen Richards, Partner – Tax Advisory Findex/Crowe
Stephen Richards is Partner in the Tax Advisory team at Findex. Findex is one of the largest providers of integrated financial advisory and accounting services to individuals, SMEs, and corporates in Australasia.
Stephen has been practising in tax advisory for over 20 years and is a sought-after speaker on tax topics, including for CCH, CAANZ, and TEO Training courses and lecturing in taxation practice at the University of Otago.