When your client first went into business, either buying an established enterprise or starting from scratch, probably the last thing on their mind was the day they would close the door for the last time. The tips (and traps) of tax when winding up a business But it’s no use ignoring the inevitable, as one
The consumer group Choice says the government may be set to use a legislative loophole that would require ISPs to block local access to overseas retailers that refuse to include Australian GST in the price of goods that are under the $1,000 low value threshold (LVT). At present, goods purchased online from overseas retailers that
A new law applying GST to international sales of services and digital products will apply in Australia from July 1 next year. The new tax rules will apply to international sales of digital products and services provided to Australian consumers. Under the new law, overseas businesses will be required to pay GST on these sales.
Generally, a business charges its customers, and then pays the ATO, goods and services tax (GST) for taxable sales of goods and services made in the course of business. This is set at 10% of the price of an item. However to isolate the amount of GST from the “displayed” price it is necessary to
If the talk at your next barbecue turns to tax reform, it’s a fair bet that the goods and services tax (GST) will get a mention. Why does tax reform changes GST heat BBQ conversations? Proposed GST changes, either to its structure or its scope, is a topic that has been getting more oxygen than
After ruling bitcoin as an intangible asset just over a year ago, the Australian Senate Economics References Committee has now come out in support of the position that crypto-currencies should be treated as a regular currency for goods and services tax (GST) purposes. (See the full Senate report here.) Bitcoin: Next step taken in long
The recently issued government paper Re:think suggested a review of the goods and services tax (GST) system, including increasing the rate applied beyond the current 10% as well as the range of items it applies to. While we all know that GST is levied at 10%, and that fresh food, health and educational products and