ARTICLE · 26 FEBRUARY 2014

Automotive update: LCT & GST deadline extended

Moore Australia

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Automotive retailers need more time to calculate, remit and document LCT and GST amounts, after the AP Group decision.

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Following representations from Moore Stephens Automotive on behalf of industry bodies, the Commissioner has recognised that Automotive retailers require more time to put processes in place to calculate, remit and document the correct amount of LCT and GST following the Federal Court decision in AP Group Ltd v Commissioner of Taxation (2013) FACFC 105.

Accordingly the Commissioner has changed the implementation date to 1 May 2014. This applies to contracts of sale entered into, on or after 1 May 2014.

The Commissioner will be writing to automotive retailers confirming this decision and the 'Decision Impact Statement' has been updated to reflect the change of implementation date.

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