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Notes Online Home 2017 Tax Schools Day 2 Crucial GST developments for the 2017 year
Recent decision highlights GST jolt with poorly worded contracts
In this segment of the notes we look at the recent decision highlights GST jolt with poorly worded contracts:
- Lack of attention to GST clause results in unexpected GST liability for vendor
- Vendor unsuccessful in proving GST clause did not reflect ‘true common intention’
- What clauses should clients ‘look out for’ when buying/selling assets?
- NTAA guide to the do’s and don’ts for clients reviewing the GST clause in sale agreements