gst

The tips (and traps) of tax when winding up a business

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

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GST on intangibles commencing July 2017

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.

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GST credits 101

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

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Consumption taxes: How do we compare?

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

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