GST & Unit Title Bodies Corporate (UTBC)
The IRD has recently published an interpretation statement (IS 23/08) to provide guidance on how GST applies to different transactions between a unit title body corporate, its members, and third-party suppliers. A UTBC is a separate legal entity to its members. It can decide whether to register for GST. UTBCs are generally considered only making taxable supplies to their members in the form of members’ levies. The value of supplies… Read more