Joint Venture

Key requirements

Use the JV’s GST number and maintain separately identifiable accounts for its business. Supplies between members in the course of JV business are disregarded; other relevant member supplies and imports are attributed to the JV. All members have joint and several responsibility, including tax arising during participation after a member leaves. The representative or required section 33(1) agent fulfils obligations on their behalf. File returns and pay on time, apply the appropriate 9% or zero rate, and notify membership changes in writing. Claim JV input tax in the JV return, preferably with invoices and permits in its name. Member-name documents require controls proving JV attribution and preventing duplicate member claims. On project completion or dissolution, apply for cancellation and consider GST on retained or distributed assets.