URGENT - YOU MAY HAVE SUBSTANTIALLY OVERPAID GST - CAN YOU GET IT BACK?
2 April 2012
On 28 May 2012, the ATO made several amendments to its ruling
GSTR 2006/5
Goods and services tax: meaning of 'Commonwealth, a State or a Territory'
The effect of this is that Local Governments in Australia may have substantially overpaid GST on sales of real property.
'Eligible Councils' may be able to claim back GST which has been overpaid to the ATO on its property sales. This may amount to hundreds of thousands of dollars.
We are offering Local Councils specific guidance in regard to their circumstances. Where it is clear that the particular Local Government qualifies as being part of “the State”, immediate attention should be given to identifying and confirming eligible property sales under the margin scheme where GST may have been overpaid and seeking amendments as soon as practicable, noting the four year time limit.
If you would like assistance on this issue, please do not hesitate to contact us at
info@australiantaxcollege.com.au
to discuss your needs.