Description

Updated for legislative changes enacted in March 2023

This practical webinar, which incorporates the legislative changes that were enacted in 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 2024.

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.

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

11 April 2024

LEARNING OUTCOMES

You will:

• Understand the practical effect of the recent changes to the GST adjustment rules.
• 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

Harry Waddell, Senior Associate, Tomlinson Law.