GST and the disposal of capital assets

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Terms we use When we say: you, we mean you as a GST-registered business dispose, we mean sell, trade in or transfer ownership sale or purchase, we mean the GST terms supply and acquisition GST credit, we mean the GST term input tax credit. For the purposes of this document, provided certain requirements are met, the GST term financial supplies can include the: lending or borrowing of money buying or selling of shares or other securities creation, transfer, assignment or receipt of an interest in, or a right under, a super fund provision or receipt of credit under a hire purchase agreement entered into before 1 July 2012, if the credit is provided for a separate charge that is disclosed to the purchaser. However, all components of supplies under a hire purchase agreement, entered into on or after 1 July 2012, will be considered taxable supplies. This is regardless of whether the interest charge is separately identified and disclosed. Financial supplies are input taxed.

For more information, refer to A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No. 1)