In the 2011-12 Budget the Government announced that it would amend the GST Act to clarify that Division 105 operated to the exclusion of Division 58 where a mortgagee in possession or control sold the property of a corporation. On Tuesday 14 February 2012 an Exposure Draft of the legislation was released for comment.
The Exposure Draft legislation can be accessed here.
The Explanatory Memorandum to the Exposure Draft legislation can be accessed here.
The provisions are to take effect from the start of the first quarterly tax period on or after Royal Assent.
A consultation paper was released on 7 June 2011. To access the paper press here.
The closing date for submissions is 13 March 2012.