FCT v Landcom – GST margin scheme applies separately to each of the 4 lots sold under a single contract – protecting the State corporation from GST on some of those lots

Tax Month - January 2023

The Full Federal Court has upheld a decision that the proposed sale, by a State-owned corporation, of the freehold interests in 4 lots, under a single contract, would NOT be a single supply for the purposes of the margin scheme, and thus allowed the relevant margin scheme provisions, to apply favourably (or not) on a…

PCG 2018/9 updated – extension of time for foreign-incorporated ‘non-resident’ companies to change their CM&C out of Australia – 30 June 2023 is last extension

Tax Month - January 2023

The ATO issued an updated version of PCG 2018/9 on 22 December 2022. This guidance sets out a transitional compliance approach for companies that treated themselves as foreign residents on the basis of withdrawn TR 2004/15 but qualify as residents under the replacement ruling, TR 2018/5, due to their central management and control being in Australia. In…