Web2024. ACN 154 520 199 Pty Ltd (in liquidation) v Commissioner of Taxation [2024] FCAFC 190. precious metal – creditable acquisitions – creditable purpose – whether the taxpayer’s supply of gold to dealers was GST-free or input taxed – where the taxpayer acquired gold that was already of 99.99% fineness, but not in investment form, and ... WebWhy wayward GST claims can be costly. Under the GST law, a person or a business can claim input tax credits (ITCs) for acquiring things for a creditable purpose. A taxpayer …

Do you have a ‘creditable purpose’? Why wayward GST

WebAll 4 limbs must be satisfied S 11 - 5 GST Act 1999. You make a creditable acquisition if: (a) You acquire anything solely or partly for a creditable purpose; and (b) The supply of … WebThe Court observed (at [2]) that “creditable purpose” has the statutory meaning given by s 11-5 and that: section 11-15 (1) provides that an entity makes an acquisition for a creditable purpose “to the extent” the entity makes the acquisition “in carrying on” its enterprise. section 11-15 (2) provides that “however” an entity ... physio brookvale

Creditable purpose All about GST in Australia

WebA GST trust can be a good way to keep assets out of the taxable estate of the beneficiary, while still allowing the assets to be used for their benefit during life. Stephen C. Hartnett, … WebThe Court observed (at [2]) that “creditable purpose” has the statutory meaning given by s 11-5 and that: section 11-15 (1) provides that an entity makes an acquisition for a … WebWhy wayward GST claims can be costly. Under the GST law, a person or a business can claim input tax credits (ITCs) for acquiring things for a creditable purpose. A taxpayer acquires a thing for a ... physio bruggemann cham