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Simplification
of Deeming Rule on Gifts
Dear
Valued Client
We
are pleased to update that there is a simplification of the
deeming rule on gifts with effect from 1 October
2012.
The
series of gifts condition has been removed. Hence,
there is no need to track the number of gifts given to a
person. You only need to account for output tax if the cost of
each gift exceeds $200 and when you have claimed GST on
the purchase of the gifts.
You
have the option not to claim the GST incurred on the purchase
of gifts that cost more than $200 each if you do not wish to
account for output tax.
If
you have any questions on GST or require further details on
this rule, please feel free to contact us. |
