On 15 February 2021, the Australian Taxation Office (ATO) published updated guidance about the income tax and goods and services tax (GST) implications of a wide range of COVID-19 financial support measures…
GST Credit Claims: the Details Your Business Client May Need to Know
By: Steve Burnham
Most small business owners stay on top of their GST refunds, mainly because of the cash flow concerns that very much seem to dog many small businesses.
However you…
Client Looking to Buy a Home? They May Need to Withhold and Remit GST
By: Steve Burnham
With the end of the financial year in sight, there is one more thing your clients will need to be aware of regarding changes to the tax…
Taxing Digital Products and Low Value Goods
By Steve Burnham
There have been some important developments for GST and cross-border transactions regarding taxing digital products and low value goods. Simon Dorevitch, Senior Tax Consultant at A&A Tax Legal Consulting,…
Selling a Business? Don’t Forget the “Going Concern” GST Exemption
By Steve Burnham
The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.
The sale…
It’s Not a Great Idea to Use Your Mate’s ABN
By Max Newnham
Among the many changes introduced with the GST, one of the more far reaching income tax changes was the establishment of the Australian Business Number system. From July 1,…
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 Tax Consequences of Earning Personal Services Income
By Max Newnham
At the same time the GST system was introduced the personal services income rules were also introduced. Where a business is caught by the PSI rules there are…
When Registering for GST Is Compulsory
By Max Newnham
When the GST system was introduced the income threshold that required a business to compulsorily register was $50,000. This income threshold was later increased to $75,000. In addition…
The Tax and GST Consequences of Selling a Car
By Max Newnham
Small businesses, those that have a total annual income turnover of less than $10 million, can use the simplified depreciation rules. They can also use the cash…
