Description

This practical webinar will assist you in identifying and calculating any GST adjustments required to be made in your clients’ GST returns for the period ending 31 March 2021.

Topics covered include how adjustments are calculated, the application of the adjustment rules when assets enter and exit the GST base (on purchase, registration, sale and deregistration), and when the use of an asset changes to total taxable or total non-taxable use. The GST adjustments applicable to mixed-use assets are also considered.

Extensive use of worked examples will illustrate the application of the GST rules which apply to goods and services used for both taxable and non-taxable purposes.

LEARNING OUTCOMES

You will:

• Learn how to determine the percentage taxable use of an asset, both on acquisition and when making adjustments.
• Understand how to determine whether an adjustment is required and, if so, how to calculate the annual adjustment.
• Know how the adjustment rules apply to assets which were zero-rated on purchase.
• Understand the adjustments required when an asset enters the GST net on purchase or registration, or leaves the GST net on sale or deregistration.
• Know when one-off adjustments are required to be made and how they are calculated.
• Understand the GST adjustments required for mixed-use assets.

SUITED TO

Intermediate to senior accountants, in-house accountants, tax lawyers and others who advise clients on GST issues.

PRESENTER

Susan Ballantyne, Senior Associate, Tomlinson Law