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Corrs In Brief: GST on forfeited deposits18 July 2007
In the recent case of Reliance Carpet Co Pty Ltd v FC of T [2007] FCAFC 99 (5 July 2007) (Reliance Carpet), the Full Federal Court concluded that GST was not payable on a deposit which was forfeited to the vendor after rescission of a land sale contract because of failure to complete by the purchaser. The Court rejected the view that had been applied by the Commissioner of Taxation (Commissioner), based on his interpretation of Division 99 of the A New Tax System (Goods and Services Tax) 1999 (GST Act).
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