Make sure you get proper tax invoices

Not all retailers are issuing proper tax invoices. For purchases over $50 at a minimum a tax invoice must include the words “Tax Invoice” as well as the GST registration number. If you do not receive a tax invoice for goods purchased, you are not permitted to claim GST. Should you be given an invoice which does not qualify as a tax invoice, ask the assistant to record the missing…  Read more

Trustees must be aware of fishhooks

A solicitor in a provincial town was the independent trustee for a family trust. Mr and Mrs B bought and sold 11 properties over a 12-year period. Ms X, the solicitor, did the conveyancing. The trust treated these properties as separate residences of the beneficiaries. The tax department alleged the transactions were taxable and charged both GST and income tax, plus penalties. The trust deed required all trust decisions to…  Read more

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