New Zealand Tax Agency Seeks Comments on GST Payment Rules, Input Deductions on Second-hand Goods

The New Zealand Inland Revenue July 28 opened consultations on Exposure Draft Nos. PUB00520 and PUB00514, clarifying GST payment rules and input tax deductions on second-hand goods. Topics covered include: 1) what is considered a payment for GST purposes, including for determining time of supply, the tax period to return output tax or claim input tax deductions, and eligibility for input deductions; 2) different forms of payment, including promissory notes, transfers of property, and the provision of services; 3) requirements for a registered person to claim a second-hand goods input tax deduction, including eligible goods and recordkeeping obligations; 4) restrictions ...