Public rulings 2010

Local authority rates apportionments on property transactions where the rates have been paid beyond settlement or are in arrears - goods and services tax implications for vendor and purchaser

Ruling Number: BR Pub 10/10 - 10/13

These 4 rulings address the question of how apportionments of local authority rates made in property transactions should be treated for GST. BR Pub 10/10 and 10/11 apply to situations where the rates have been prepaid by the vendor beyond settlement. BR Pub 10/12 and 10/13 apply to situations where the local authority rates for the property are in arrears on the settlement date and the parties have agreed that the purchaser will pay the outstanding amount, in exchange for a credit against the settlement amount for the vendor's share of the outstanding amount.

Ruling applies from: 23 September 2010 to 23 September 2015

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BR Pub 10/10 - 10/13 - RTF format (672kb | 26 pages)
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Other rulings this year

• BR Pub 10/01 - 10/05 - Australian source income earned by Australian limited partnership and foreign tax credits / Distributions made by Australian limited partnership and foreign tax credits / Distributions made by Australian unit trust to Australian limited partnership and foreign tax credits / Franked dividend received by Australian limited partnership and foreign tax credits / Tax paid by an Australian limited partnership as a "head company" and foreign tax credits
• BR Pub 10/14 - 10/19 - Interest deductibility - Roberts and Smith - Borrowing to replace and repay amounts invested in an income earning activity or business
• BR Pub 10/20 - Deductibility of break fee paid by a landlord to exit early from a fixed interest rate loan on sale of rental property
• BR Pub 10/21 - Interest repayments required as a result of the early repayment of a financial arrangement - deductibility
• BR Pub 10/06 - Meaning of "anything occurring on liquidation" when a company requests removal from the register of companies
• BR Pub 10/07 - 10/08 - Commissions received by life agents on their own policies and those of associated persons - income tax implications / Discounted premiums on life insurances policies provided to life agents and associated persons - fringe benefit tax implications
• BR Pub 10/09 - Legal services provided to non-residents relating to transactions involving land in New Zealand

Date published: 24 Sep 2010

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