Private ruling: Assignment of intellectual property and gst
Date of advice: 6 March 2020
Published: April 2020
Ruling period: From the period commencing 1 July 2000 onwards.

Ruling: Q1: Was the supply of the intellectual property in the agreement entered into before 1 July 2000 a taxable supply? | A1: No. The supply was not a taxable supply as the supply was complete prior to the inception of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

Relevant facts and circumstances: You assigned intellectual property prior to 2000 and received payments for that assignment.

Relevant legislative provisions: A New Tax System (Goods and Services Tax) Act 1999 section 9-5. | A New Tax System (Goods and Services Tax Transition) Act 1999 subsection 6(5), section 7 and section 12.

Reasons for decision: Summary: Taking the essential parts of the agreement and applying them to subsection 6(5) of the Transition Act, the supplies of the intellectual property are to be taken as made when they are "performed or done".