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GST return for goods sold in satisfaction of debt (IR373)

Use this return when a creditor sells a debtor's goods in satisfaction of a debt and there is GST to be accounted for.

A special GST return must be filed when a creditor sells a debtor's goods in satisfaction of a debt. If a creditor repossesses and then resells goods that were used in a taxable activity, the GST must be accounted for on the sale, unless either:

  • the debtor advises the creditor in writing that the sale would not be taxable if they had sold the goods themselves, and the reasons why such a sale would not be taxable, or
  • the creditor holds enough reasonable information to conclude that a sale by the debtor would not have been taxable.

The creditor's responsibility to file a special GST return is not affected by whether or not they are registered for GST.

You will need the following:

  • Registration number of the person selling the goods (creditor)
  • Registration number of the person whose goods were sold (debtor)

After you finish, please print, sign and post the completed return and payment slip to your nearest Inland Revenue office.

You may wish keep a copy of this return for your personal records.