What is the procedure for stocktake on 30 June 2000 for Body Corporates/Owners Corporations?
ATO Position If an entity is registered for the Goods and Services Tax (‘GST’), it may be entitled to a special GST credit for sales tax paid on stock on hand that it holds on 1 July 2000. Under Part 4 of A New Tax System (Goods and Services Tax Transition) Act 1999 (‘Transition Act’) a special credit will be available for stock on hand acquired or imported that are held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business (s. 16(1) of the Transition Act). However, this section does not apply to the following: (a) second-hand goods, unless: (i) you imported them; and (ii) nobody was entitled to quote under the Sales Tax Assessment Act 1992 for the importation; and (iii) you did not hold the goods, at any time prior to 1 July 2000, for a purpose other than for sale or exchange in the ordinary course of business. (b) goods mention in subsection 15A(1) (alcoholic beverages) of the Sales Tax (Exemptions and Classifications) Act 1992, if those go
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- What is the procedure for stocktake on 30 June 2000 for Body Corporates/Owners Corporations?
