- Full Federal Court decision on apportioning overhead costs to GST-free supplies
- Taxpayer entitled to input tax credits under the GST Act
- Business activities included supplies and acquisition-supplies related to insurance
- Commissions paid to third-party related to input supplies of life insurance policies
- Overhead costs entitled to input tax credits if apportioned to GST-free supplies
- Court found taxpayer’s method of apportionment fair and reasonable
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Australia"
- Australia Establishes E-Invoicing as Default in Federal Procurement
- Australia Proposes GST Updates for Copyright and Digital Media to Modernize Tax Frameworks
- ATO Proposes New GST Rules for Copyright and Multimedia Transactions in Australia
- Australia Sets 2026 Deadline for Mandatory E-Invoicing with Government Agencies
- Australia Mandates E-Invoicing for Government Agencies by 2026 to Boost Efficiency and Reduce Fraud