[Busmanagers] GST implications on retirement

[Hart, Greg J]

Terry

 

The receipting of funds from staff should be receipted using GST code
NS6-out of scope of GST, not remitting any GST off to the ATO on revenue
received.

 

The payment of catering should also be coded using GST code NP6-out of
scope of GST, not claiming back any GST on the tax invoice supplied to
the school.

 

The payment of the retirement from staff funds does not attract any FBT.
However if any school funds are used to subsidise then FBT will apply to
the amount of the school funds at the rate of 100% and this amount
should be recorded on FBT Tracker (eg) if the school contributes $100
then another $100 FBT will apply and the gift purchased should be of a
NON entertainment type nature.

 

The school should not claim back any GST on the purchase of the gift if
staff funds have been used!!!

 

Feel free to contact me if you have any further questions.

 

Thankyou 
Greg Hart 
Tax & Compliance Unit (DEECD) Ph:(03) 9637-3702. 
Fax:(03) 9637-3080. 
e-mail:hart.greg.j at edumail.vic.gov.au 
Mail:Financial Analysis Reporting & Taxation, Ground Floor, No 33 St.
Andrews Place, East Melbourne, 3002. 

VISIT THE TAX RESOURCE CENTRE WEB SITE 

http://www.sofweb.vic.edu.au/tax <http://www.sofweb.vic.edu.au/tax> 

________________________________

From: busmanagers-bounces at edulists.com.au
[mailto:busmanagers-bounces at edulists.com.au] On Behalf Of Ryan, Terry R
Sent: Wednesday, 19 September 2007 11:54 AM
To: Business Managers' Mailing List
Subject: [Busmanagers] GST implications on retirement

 

Hi All

 

We have a staff member who has retired and we are collecting money from
people to go toward catering and the purchase of a gift for her.

 

Can anyone tell me how they dealt with the GST implications 

1.                   Receipting money from people for catering & gift

2.                   Payment for catering

3.                   Payment for gift

4.                   Is there Fringe Benefit involved? If so - did you
fill out forms etc?

 

Thanks in advance

 

Terry Ryan

Office Manager

Parkhill Primary School

Parkhill Drive

Ashwood 3147

 

Phone: 9807 2239

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