"Missing trader"? fraud is a common issue for value added tax regimes across the globe. The Australian GST system is no exception - as illustrated by the recent issues involving gold, which are said to have cost the revenue hundreds of millions of dollars. The decision of the Tribunal in ACN 154 520 199 Pty Ltd (in liq) and Commissioner of Taxation [2019] AATA 5981 was the first opportunity for a Court or Tribunal to consider the issue of missing trader fraud in Australia. The Tribunal affirmed the Commissioner's decision to deny the taxpayer input tax credits where other entities in the supply chain fraudulently failed to pay GST on the basis that the anti-avoidance provisions in Division 165 of the GST Act were engaged. Noting that the taxpayer has appealed to the Federal Court, this session explored this important decision.
"All that glitters is not gold": GST and missing trader fraud
Author(s):
Chris Sievers
Details
- Published On:31 Aug 2020
- Took place at:Online
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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
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2020
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