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An officials’ issues paper, GST on assets sold by non-profit bodies, released today sets out proposals to clarify the GST rules for the sale of assets by charities and other non-profit bodies.
The main proposal is to ensure that GST is paid on the sale of assets where input tax deductions have been claimed. This applies to insurance receipts and de-registrations, as well as asset sales. The proposed changes will apply from 15 May, with a savings provision to preserve tax positions taken before this.
For more information see the Minister’s media statement and the issues paper. Submissions on the issues paper close on 15 June.
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