The Australian Tax Office announced last week that under amended legislation certain taxpayers registered for GST may now be able to claim tax refunds.
Taxpayers registered for GST may now be able to claim tax refunds if they followed previous Tax Office advice when calculating capital gains or losses on assets sold between 1 July 2000 and 19 February 2004.
The amended legislation will require people to exclude GST input tax credits when calculating capital gains or losses.
The new rule applies to advice in the Tax Office's Guide to Capital Gains Tax booklet for the 2001, 2002 and 2003 years.
The Tax Office will be explaining changes to taxpayers and tax agents through electronic tax agent broadcasts, large business bulletins and other information on its website.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment