Binding General Ruling 63: deemed supplies for goods repossessed or surrendered

20 January 2023

This BGR sets out the further requirements that the creditor must obtain to deduct input tax in instances in which a debtor makes a deemed supply to the creditor (not being a taxable supply) of goods repossessed or surrendered under section 8(10).

The ruling includes the requirements for relating to the debtor and the cash value, in the case of a surrender or repossession.

You can read Binding General Ruling 63 here.