What are the obligations of a peak conservation group if it processes and administers GST on all grants within its affiliate branches in the capacity of an agent?
Assuming the peak group is acting as an agent on behalf of its affiliates, the following rules contained within division 153 of the Goods and Services Tax Act would apply. • To claim input tax credits, either the agent or the principal must hold a tax invoice. • To record an adjustment on a business activity statement, either the agent or the principal must hold an adjustment note. • Either the agent or principal (but not both) may issue tax invoices. • A tax invoice must be issued within 28 days of either the principal or agent receiving the request. • Either the agent or principal (but not both) may issue adjustment notes. • An adjustment note must be issued within 28 days of either the principal or agent receiving the request. • How are transitional contracts involving grants for conservation organisations be treated where they span 1 July 2000? GST is only payable on a taxable supply or taxable importation to the extent that it is made on or after 1 July 2000. There are transitiona
