Tax Update - NFP and Car Sales
12 December 2005 at 12:12 pm
The fact sheet Charities and motor vehicle trade-ins has been updated to include important GST information about the non-commercial rules for charities that trade-in motor vehicles.
The updated fact sheet is useful if your organisation:
– purchases vehicles by trading in a current vehicle
– sells vehicles at auction, or
– has ever treated a GST-free trade-in as a taxable trade-in.
The fact sheet explains when you should issue a tax invoice to a car dealer, what your GST obligations are when issuing tax invoices and what to do if you need to correct a GST mistake.
If you would like a copy in WORD format just send us an email with the words
ATO Motor Trade-Ins Fact Sheet in the subject line to firstname.lastname@example.org.
Or go to www.ato.gov.au/nonprofit