Juggling the tax acts

Article Abstract:

Australia's FBT and GST legislation should interact, ensuring that there is no tax impact from the decision for employees between taking a fringe benefit or receiving the cash equivalent. There are some remaining areas of difficulty, including the need for employers to collect tax invoices for any expense repayments they make to staff who salary package.

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Bartering and GST

Article Abstract:

Issues concerning Australia's GST and non-monetary transactions are discussed. It is important to be aware that both sides of a non-monetary transaction are not necessarily of equal value and therefore neutral with regard to GST liability.

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Smooth sailing ahead? A GST-free sale of a going concern may sound like a good deal, but there can be storms ahead for the uninitiated

Article Abstract:

Australia's GST legislation permits the supply of a company as a going concern to be shielded from GST. However, some factors may mean that the sale of a going concern does not satisfy all the requirements of this legislation. Where goodwill is present, it must be supplied to the purchaser as part of the supply of a going concern.

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