The Institute of Chartered Accountants in Australia, CPA Australia, The Taxation Institute of Australia, Taxpayers Australia Inc. and The National Institute of Accountants Comments on Draft Goods & Services Tax Ruling GSTR 2000/D18 Goods and Services Tax: Division 156 supplies and acquisitions made on a progressive or periodic basis.
The professional bodies generally endorse the approach adopted by the ATO in Draft GST Ruling 2000/D18 subject to the following:
The Draft Ruling fails to address supplies of intellectual property, such as the sale of copyright. For example, an entity accounting for GST on a basis other than cash, is commissioned to make a film. Draw down funding is given to the entity to make the film and therefore at this point the sale of copyright occurs.