GST on Deposits for Cancelled Contracts
LAWFUEL – The Legal Newswire – From Tax Etcetera – The Full Federal Court of Australia has confirmed NZ’s practice (TRA 001/02, Decision No 19/2003, Judge Willy) of reversing the GST on a deposit where the contract is cancelled and the deposit forfeited. The AAT (our TRA equivalent) had ruled that the deposit was a