The Resource A comparison of the goods and services tax general time of supply rules in New Zealand and Australia

A comparison of the goods and services tax general time of supply rules in New Zealand and Australia

Label
A comparison of the goods and services tax general time of supply rules in New Zealand and Australia
Title
A comparison of the goods and services tax general time of supply rules in New Zealand and Australia
Creator
Subject
Language
eng
Summary
This article deals with the general time of supply rules in New Zealand and Australia. For the purposes of the New Zealand and Australian goods and services tax legislation, "payment" in both countries is any quid pro quo given to or accepted by a supplier or seller that discharges the other party's obligations to that supplier. In Australia, the trigger for the general time of supply rule (referred to as attribution) is "any consideration or issue of an invoice" whilst its New Zealand counterpart is "any payment or issue of an invoice". The article concludes that "consideration" and "payment" do not mean the same. The article then reviews certain specific methods of payment to determine if the law is applied consistently. Each revenue authority, other than in the case of post-dated cheques, follows an approach that is consistent with the author's conclusions. In the comparison of the general time of supply rules in each country, the author includes discussion of their respective triggers; the use of rulings and other publications; and the use of concept of security deposits in Australia, to defer attribution. The conclusion is that the Australian regime is more robust, with the recommendation that the New Zealand Goods and Services Tax Act 1985 be amended to provide a mechanism that is similar to its Australian counterpart to activate the general time of supply rule
Citation source
In: New Zealand journal of taxation law and policy. - Wellington. - Vol. 11 (2005),
http://library.link/vocab/creatorName
Datt, K
Geographic coverage
Pacific Islands
Language note
English
http://library.link/vocab/subjectName
  • GST
  • supply
Label
A comparison of the goods and services tax general time of supply rules in New Zealand and Australia
Instantiates
Publication
Label
A comparison of the goods and services tax general time of supply rules in New Zealand and Australia
Publication

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