The Resource When does the obligation to account for GST arise with unconditional contracts for the sale of land : a comparison of New Zealand and Australia

When does the obligation to account for GST arise with unconditional contracts for the sale of land : a comparison of New Zealand and Australia

Label
When does the obligation to account for GST arise with unconditional contracts for the sale of land : a comparison of New Zealand and Australia
Title
When does the obligation to account for GST arise with unconditional contracts for the sale of land : a comparison of New Zealand and Australia
Creator
Subject
Language
eng
Summary
This article considers how New Zealand and Australia treat sales of land for purposes of the GST and particularly the meaning ascribed to 'invoice' in each country in relation to sales of land. This issue has become topical in view of the recent publication by the New Zealand Commissioner of Inland Revenue of Interpretation Statement IS 07/02, which raises the question whether an agreement for the sale can constitute the issue of an 'invoice'. To facilitate this review, the article commences with a discussion on the law in each country as to when the obligation to account for GST arises; stakeholders and the peculiar invention in Australia known as a security deposit. The article then turns to the topic of whether agreements for the purchase and sale of land can constitute the issue of an invoice for purposes of the GST. The author concludes that the better view of the law, in contradiction to the views of the Commissioners in each country and other commentators, is that the exchange of an unconditional contract for the sale of land can constitute the issue of an invoice. The author suggests that these disparate views can only be resolved either by the Courts dealing directly with the issue or by remedian legislation
Citation source
In: New Zealand journal of taxation law and policy. - Wellington. - Vol. 15 (2009),
http://library.link/vocab/creatorName
Datt, K
Language note
English
http://library.link/vocab/subjectName
  • GST
  • immovable property
Label
When does the obligation to account for GST arise with unconditional contracts for the sale of land : a comparison of New Zealand and Australia
Instantiates
Publication
Label
When does the obligation to account for GST arise with unconditional contracts for the sale of land : a comparison of New Zealand and Australia
Publication

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