Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES

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Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax

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PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING

Division 14 - Benefits, gains and taxable supplies for which amounts must be paid to the Commissioner

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Subdivision 14-E - GST payable on taxable supplies of certain real property

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History

Subdiv 14-E inserted by No 23 of 2018, s 3 and Sch 5 item 1, effective 1 April 2018. No 23 of 2018, s 3 and Sch 5 Pt 3 contains the following application provision:

Part 3 - Application of amendments
26 General rule
26
The amendments made by this Schedule apply in relation to supplies for which any of the consideration (other than consideration provided as a deposit) is first provided on or after 1 July 2018, whether a contract for the supply was entered into before, on or after the commencement of this Schedule. 27 Existing contracts
27
Despite item 26, if a contract for a supply was entered into before 1 July 2018, the amendments made by this Schedule do not apply in relation to the supply if consideration for the supply (other than consideration provided as a deposit) is first provided before 1 July 2020. 28 Existing property development arrangements
28
If:

(a) an arrangement entered into before 1 July 2018 between:

(i) an entity (the supplier ) making a taxable supply that is, or includes, a supply to which subsection 14-250(2) in Schedule 1 to the Taxation Administration Act 1953 as amended by this Schedule applies; and

(ii) one or more entities (not including the entity to which the supply is made), at least one of whom is supplying (or is to supply) development services in relation to the real property to which the supply relates;
deals with the distribution, between the parties to the arrangement, of the consideration for the supply; and

(b) under the arrangement:

(i) an amount is to be distributed to the supplier for the payment of the supplier ' s liability to GST for the supply (less any relevant entitlements to input tax credits); or

(ii) distributions of the consideration, between the parties, are to be adjusted to take into account that liability; and

(c) were that amount to be distributed under the arrangement, or were the distributions to be so adjusted, the parties would not be in the same position as they would be if an amount were not payable, under section 14-250 in that Schedule as so amended, in relation to the supply; and

(d) a payment has been made under that section in relation to the supply;
the amount of the payment is taken, for the purposes of the arrangement, to have been received by the supplier in relation to the supply.

SECTION 14-255 NOTIFICATION BY SUPPLIERS OF RESIDENTIAL PREMISES ETC.

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14-255(1)
You must not make a *supply, by way of sale or long-term lease (within the meaning of the *GST Act), of *residential premises or of *potential residential land to another entity unless, before making the supply, you have given to the other entity a written notice stating:

(a) whether the other entity will be required to make a payment under section 14-250 in relation to the supply; and

(b) if the other entity will be required to make such a payment in relation to the supply:

(i) the name and *ABN of the entity that is liable to pay the *GST on the supply; and

(ii) the amount that the other entity will be required to pay to the Commissioner under section 14-250 in relation to the supply; and

(iii) when the other entity will be required to pay that amount; and

(iv) if some or all of the *consideration for the supply will not be expressed as an amount of *money - the *GST inclusive market value of so much of the consideration as will not be expressed as an amount of money; and

(v) such other matters as are specified in the regulations.

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14-255(2)
However, subsection (1):

(a) does not apply to a supply of *commercial residential premises; and

(b) does not apply to a supply of *potential residential land to another entity if the other entity:

(i) is registered (within the meaning of the *GST Act); and

(ii) acquires the land for a *creditable purpose.

14-255(3)
To avoid doubt, a failure to comply with subsection (1) does not affect the other entity ' s obligation to make a payment under section 14-250 .

Strict liability offence

14-255(4)
You must not fail to give a notice required under this section.

Penalty: 100 penalty units.

14-255(5)
An offence against subsection (4) is a strict liability offence.

Note:

For strict liability, see section 6.1 of the Criminal Code.

Administrative penalty

14-255(6)
You are liable to pay the Commissioner a penalty of 100 penalty units if you fail to give a notice required under this section.

Note:

Division 298 contains machinery provisions for administrative penalties.

14-255(7)
However, you are not liable to a penalty for failing to meet the requirements of paragraph (1)(b) in relation to a supply if, at the time you gave the notice, you reasonably believed that you were not required to meet those requirements in relation to that supply.

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