Summary

• On 28 September 2012 the Tax Laws Amendment (2012 Measures No. 4) Act 2012 received Royal Assent.  The amendments ensure that Division 105 of the GST Act operates to the exclusion of Division 58 where a mortgage in possession or control sells the property of a corporation.
• The amendments take effect from the start of the first tax period after royal assent, being 1 October 2012.

Links to documents

Legislation introduced

• Tax Laws Amendment (2012 Measures No.4) Bill 2012
• Explanatory Memorandum

Exposure draft legislation

• Exposure Draft – 14 February 2012
• Explanatory Memorandum

Consultation process

• Consultation Paper – GST Treatment of Property in Possession of a Mortgagee – 7 June 2011