GST on sale of old car by Company

Tide (Accountant) (94 Points)

25 November 2020  

Company is selling old car which used to be used by directors. Is margin on which GST is to be levied to be calculated on Sales price less book value as per Companies Act, or Sales price less WDV as per Income Tax act. Depreciation has been claimed in Income Tax Return at Income Tax rates, and in books of accounts at Companies Act rates, so WDV for both is different. Thank you.