Interim solution for a GST issue

(Image: Getty)

Tue, 10 Sep 2024

Inland Revenue can begin processing GST returns for businesses affected by a historic legislative drafting error, Revenue Minister Simon Watts says.“At a time when things are tough, this error is preventing Inland Revenue from paying out GST refunds to more than 350 taxpayers, totalling approximately $30 million.”The error prevents taxpayers who acquired an asset before April 2023 from using a simplified one-step adjustment calculation when there was a permanent change of use for that asset.Cabinet has agreed to a proposal to remedy...

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