Full Federal Court Decision: Input Tax Credits for Overhead Costs Apportioned to GST-Free Supplies

• 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.

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