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¿Vendor required to pay $100,000 GST...¿
Could this happen to a client of yours? GST can become payable on many transactions as a result of unforeseen changes to the circumstances of vendor or purchaser. The wise practitioner takes steps to protect clients against such eventualities by including protective clauses in all contracts where GST liability is even a remote possibility.
The latest issue of the newsletter GST in focus ¿ the practitioner¿s guide contains a leading article which explores situations where GST liability can arise where circumstances change. The article includes valuable suggested precedent clauses for inclusion in contracts where such exposure is possible. These clauses are drafted by the writer of the newsletter, an expert with many years of practical experience.
The current issue of the newsletter also contains news about the application of GST to motor vehicle disposals, valuation costs in group consolidations, GST ¿wash¿ transactions, the margin scheme, and the financial acquisitions threshold.
The Quiz, a regular feature, contains in this issue some practical examples of the application of the GST grouping rules to partnerships, as discussed in an article in the previous issue of the newsletter.
Many further precedents and useful practical pointers are included in the related publication, GST in Practice ¿ Transactions & Precedents, available as a subscription service from CCH.
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