Understanding the GST adjustments required when use of an asset changes
On 1 April 2011 the basis on which registered persons claimed GST and adjust for the changes in use of assets changed. GST legislation now permits a registered to claim GST input tax on the purchase of a good to the extent it is intended to be used or available for use in making taxable supplies. A registered person is then required to determine annually if the taxable use of the good has changed requiring a subsequent input tax adjustment to be made. A final adjustment may also be required when the good is sold or treated as disposed of. Despite these rule changes occurring more than six years ago, uncertainty as to how these rules work and how they apply to different situations remains common.
This webinar will use case studies to examine the GST tax consequences of changing the use of an asset from taxable to non-taxable or vice versa, and the adjustments required where use for making taxable supplies is less than 100%.
This webinar will assume a general familiarity with general GST principles.
Attendees will gain an understanding of how to deal with the GST adjustments required when a client changes the use of good between taxable and non-taxable use and vice versa.
Accountants at the intermediate to senior level
19 September 2017
Stephen Richards, National Technical Director – Tax Advisory, Crowe Horwath NZ
1.25 CPD hours