Goods and Services Tax

News & Analysis as of

Australian GST Reform: Cross-Border Transactions

The Australian Government has announced three GST reform measures impacting cross-border transactions, and most particularly inbound supplies made from outside Australia. If enacted, the reforms will address the...more

2016 Tax Update Letter

Re: 2016 Tax Update - Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our previous annual tax updates....more

2015 Year-End Estate Planning Advisory

The end of the year is quickly approaching. Outlined below are reminders about a number of tax planning opportunities that, if you have not already done so, you may want to take advantage of before year-end. Also outlined...more

Personal Planning Strategies - December 2015

2016 Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following...more

Trusts, Estates, Exemptions and Taxes

It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K. In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more

Recent Amendments to the Goods and Services Tax/Harmonized Sales Tax (GST/HST)

Section 156 election for closely-related parties - As the last quarter of 2015 approaches, it is important for advisors and registrants to be aware of the new requirement to file elections in respect of any...more

Virtual Currencies: International Actions and Regulations

This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more

Trust and Estate Law: South Dakota Dynasty Trusts 101

Usually, estate planning involves the creation of an updated will, a health care directive, and assigning a power of attorney. But sometimes an estate needs more, especially when a large or growing inheritance is involved....more

GST Reform: Implications for the Real Estate Sector

Goods and Services Tax ("GST") commenced in Australia on 1 July 2000. While there have been some amendments since its introduction, the tax has remained largely unchanged for the past 15 years. In recent weeks there...more

Successful Strategies for Doing Business in Asia: Malaysia (Updated)

WHAT ROLE WILL THE GOVERNMENT OF MALAYSIA PLAY IN APPROVING AND REGULATING FOREIGN DIRECT INVESTMENT? Regulation of foreign investment in Malaysia is done both through legislation as well as governmental policies....more

Estate Tax Controversy Continues - Trust and Estates Update Vol. 2015, Issue 1

Recently introduced bills are indicative of the fact that the estate, gift and generation skipping transfer taxes are still a topic of considerable political debate. Recently, the Responsible Estate Tax Act was...more

Update on Estate and Gift Tax Proposals

Congressional Proposals: H.R. 1105, Death Tax Repeal Act of 2015, was passed by the House, as amended, on Apr. 16, 2015. The bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes...more

GST: Going Concern Sales-Services & Management Contracts (Tax Update Australia)

The Commissioner recently amended the ATO's public ruling on GST and going concern sales, GSTR 2002/5. As explained below, the amendments confirm that a vendor who is selling a tenanted commercial premises is not required to...more

Goods and Services Tax in Australia to Apply to Offshore Digital Supplies (and More)

Draft Goods and Services Tax (GST) legislation has been released which seeks to level the playing field by ensuring that digital products and services provided to Australian consumers are subject to GST, whether provided by...more

Fiduciary News - June 2015

Changes Coming for Pennsylvania Fiduciaries in Their Ability to Access and Manage Digital Assets and Accounts - On January 1, 2015, Delaware became the first state to enact a comprehensive law granting fiduciaries the...more

No Split Gift Election Where Spouse Was a Potential Beneficiary

A husband created a Family Trust for the benefit of his wife and their descendants. Under the trust, an independent trustee may pay to or use for the benefit of the wife, or any one or more of husband’s descendants and their...more

Supreme Court (Victoria) Confirms Position on GST & Damages Awards

The recent Victorian Supreme Court decision Millington v Waste Wise Environmental Pty Ltd [2015] VSC 167 confirms that a damages award should generally be calculated on a GST exclusive basis where the plaintiff is entitled to...more

GST and Awards of Damages

A recent Victorian Supreme Court decision, Millington v Waste Wise Environmental Pty Ltd [2015] VSC 167 , confirms that a damages award should generally be calculated on a GST exclusive basis in circumstances where the...more

CBSA CLVS Seizure Policy Targets Exporters and Ups the Ante on Non-Resident Importers

Background to the Courier Low Value Shipment (CLVS) Program - When goods are purchased through e-commerce or mail order, conventionally Canadian consumers or non-resident importers (i.e., the exporters in most cases)...more

GST may be extended to intangible supplies

The Federal Treasurer, Joe Hockey, commented at a Press Conference and Q&A session following the Council of Federal Financial Relations Meeting in Canberra on 9 April 2015 that the States & Territories have agreed in...more

Australian Tax Alert: The Meaning Of "Creditable Purpose" In The Australian GST Act

Justice Davies recently handed down her decision in the case of Rio Tinto Services Ltd v FCT [2015] FCA 94, reported at 2015 WTB 7 [174]. This important test case considers the meaning of the expression "creditable purpose"...more

Digital Currency (incl bitcoin) inquiry report delayed; GST position should be clarified

The Senate referred an inquiry into Digital Currency (which includes, but is not limited to, bitcoin) to its Economics References Committee on 2 October 2014. Submissions to the inquiry closed on 28 November 2014 and the...more

2015 Estate and Tax Planning

Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more

Financial Services Update: Crypto-currencies in Australia – specifically bitcoin

While the use of crypto-currencies such as Bitcoin have increased in popularity in Australia there has very little legal clarification provided by regulators or legislators in relation to its legal status....more

New GST refund restrictions- Impact on procurement contracts

The GST Act has been amended to introduce new restrictions on Australian Taxation Office (ATO) refunds for GST overpayments. The amendments will primarily affect suppliers that inadvertently overpay GST and pass on the cost...more

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