gst

Tax invoice essentials (in case a client asks)

The status of the humble invoice took on immense significance in the year 2000 when the goods and services tax was introduced. It was a big year for the country, with Sydney hosting that year’s Olympics in the last half of September, Y2K proving to be a fizzer, as well as the introduction of the

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Common client mistake on GST – ATO warning

Tax professionals have been reminded by the ATO of a misconception that some taxpayers continue to make each income year regarding their eligibility to make claims for GST credits. The reminder, issued in the middle of the third quarter of the 2017-18 income year, seeks to enlist the help of tax agents at more of

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The tourist refund scheme

The sun, the surf, the shopping! Australia has enough temptations on offer to keep the credit card running hot. But there’s no need to stress, because there is a little known scheme that might help take the bite out of the credit card bill. The tourist refund scheme The Tourist Refund Scheme (TRS) lets you

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GST and the buying or selling of real estate premises

Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST system. One way to explain the relevant considerations is through an example: Alan, a sole

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Avoiding the more common BAS mistakes

The ATO knows that business taxpayers can make errors when lodging their business activity statement (BAS) and reporting their GST transactions, even with the best intentions of getting it right. Research the ATO has carried out in the past has indicated that more than 80% of GST errors are unintentional and can be made by

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The occasional, and sneaky, GST component of income tax

Generally, the GST component of income or expenditure is ignored for income tax purposes. However, there are exceptions, particularly where there has been a change in planned use. The effect of GST on assessable income are: the GST payable in respect of taxable supplies is excluded from assessable income, and a decreasing adjustment is included

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Tax and the sharing economy

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how our financial transactions are conducted. Of course there is a lot more to it than that — there always is — but as far as the treatment of the taxation element of these

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Data matching by ATO targets card payments, online sales, ride sourcing

Every year, the ATO collects new data from financial institutions and matches this data with its own information, which is sourced from income tax returns, activity statements and other tax records. Data matching ATO targets card payments, online sales, ride sourcing It says that its current data matching activities are focused on gathering data on:

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The ATO’s “GST-light” offer for new small businesses

The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements,” it says.

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