Hire of goods
Duty on the hire of goods was abolished on 1 July 2007.
Hiring charges received by a commercial hire business after 1 July 2007 for arrangements entered into before 1 July 2007 are not subject to duty.
No further payments are required for hiring charges received by a commercial hire business from 1 July 2007. Persons registered as commercial hire businesses who are obliged to lodge returns were notified of the abolition of the duty.
An annual return for the period 1 July 2006 to 30 June 2007 was required to be lodged on or before 21 July 2007. This applies whether or not the business was required to pay duty during the year.
For audit purposes, Section 53 of the Taxation Administration Act 1996 requires that all relevant records must be kept for a period of 5 years.
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