Description

This practical webinar, which incorporates the legislative changes which will be enacted in late March 2023, will help you identify and calculate any GST adjustments which need to be made in GST returns for the period ending 31 March 2023.

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.

Changes to the adjustment required on the sale of an asset used for both taxable and non-taxable purposes will be considered, including the application of the adjustment rules on the sale of a farmhouse which has been used in the farmer’s taxable activity, and the proposed new rule which will allow farmers to elect to treat a farmhouse used in their taxable activity as an exempt supply.

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.

ORIGINAL BROADCAST DATE

21 March 2023

LEARNING OUTCOMES

You will:

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

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.