#Gst
What are the benefits of the new overseas GST?
How can small businesses leverage the new GST laws?
Ride sharing drivers reminded of requirement to apply for ABN and register for GST by the ATO
The Australian Taxation Office (ATO) has reminded 120,000 ride sharing drivers of their tax obligations over the past 18 months. Assistant Commissioner Tom Wheeler said the ATO is still working to educate ride sharing drivers, but now focus is shifting to drivers who are ignoring their obligations. “We know that most drivers do the right […]
Removal of double tax on cryptocurrencies said to support Australia’s own Silicon Valley
Legislation to remove double taxation on digital currencies, such as Bitcoin, has been passed by Australian Parliament, with fintech industry leaders describing the news as a win for consumers and businesses. The Treasury Laws Amendment (2017 Measures No. 6) Bill 2017 was tabled in Parliament, last month, by Treasurer Scott Morrison. He said the reform, which will […]
Turnbull Government cracks down on phoenix directors
Company directors will be issued with unique identification numbers as part of Federal Government reforms designed deter and penalise directors who engage in illegal phoenixing activity. The reforms were announced this week by Minister for Revenue and Financial Services, Kelly O’Dwyer, who said illegal phoenixing – the stripping and transfer of assets from one company […]
Simple ways to improve cash flow this EOFY
With the end of the financial year almost upon us, now is the time to make the most of your tax planning. If you are like most business owners, chances are you are putting off thinking about your tax until after 30 June. However, you MUST act now. If you wait until after 30 June, […]
A permanent $20,000 instant asset tax write-off for businesses tops SME wishlist, MYOB finds
Seven in ten small businesses want the $20,000 instant asset tax write-off to continue past 30 June, this year, when it is due to expire, according to accounting software provider MYOB. The latest MYOB Business monitor, a bi-annual survey of more than 1,000 small businesses, asked operators what policies they would and wouldn’t vote. MYOB […]
Online GST Changes: Welcome relief for domestic online retailers
An agreement by national leaders to lower the GST-free threshold to capture online transactions under $1000 is hoped to put domestic retailers on a more equal footing with their international competitors. Online retailers have long suffered from the current exemption as they lose customers to overseas retailers looking for cheaper goods. “Ensuring overseas online transactions […]
The value of a lost receipt: Why businesses should capture every expense
An individual earns income, pays income tax and then pays expenses with what’s left. A business basically pays for expenses with pre-tax dollars whereas an individual pays expenses with post-tax dollars.
Tax reform should put everything on the table: PwC
Tom Seymour said the nation would not see housing become more affordable, a rise in job security, and a boost in education if major tax reform were not accomplished.
GST rules cost SMEs $13.7 billion a year
New research reveals the average SME spends over two full working weeks (84.1 hours) every year in gathering tax on behalf of the Australian Government.
GST increase: SMEs to benefit from wider tax package
Tax experts and small business advocates have urged that any increase to the rate or base of the GST be accompanied by other tax changes that will help ease the burden on SMEs.
Business wants government to pick winners
A majority of business owners want the government to develop policies to bolster industry in sectors where Australia has a competitive advantage, a new study suggests.
ATO to give tax ruling on Bitcoin
The Australian Taxation Office is increasingly concerned at the growth in crypto-currency Bitcoin. It will soon release a ruling on how the digital currency is to be treated for tax purposes. The decision may have significant consequences on the usage of the currency in Australia. The ATO was initially unconcerned by the emergence of the […]
SME confidence lifts under Abbott
Small business satisfaction towards the federal government has risen to its highest level in nearly five years according to a new survey, with one third of respondents expecting their revenue to increase in 2014. The survey of 1,032 SME’s commissioned by accounting software provider MYOB shows that in March, nearly one quarter or 24 per […]
Inaction on lowering GST threshold angers online retailers
Advocates for Australian-made products have slammed the nation’s treasurers for political cowardice after they deferred a decision on reducing the $1,000 GST low value exemption for overseas online purchases.
3 important tax concessions for SMBs
Small businesses are the lifeblood of our economy, employing almost half of our nation’s total workforce. They deserve assistance in the battle to compete with large competitors and ecommerce stores.
What small-to-medium businesses need to know about GST
With the end of financial year on the horizon, small to medium business owners should start preparing now to avoid the headache that it can cause. Tax time can be a pain, particularly when it comes to the lingering burden of calculating Goods and Services Tax (GST).
Managing cashflow with the right GST registration
To optimise cashflow management for small business, it is imperative that Goods and Services Tax (GST) registration suits the business operations. This step-by-step guide will help you understand how to take GST reporting from cash to accruals basis.
Surviving the government’s small business tax crackdown
The recent news that the Federal Government is pushing the National Tax Summit to October and will not be covering key tax issues such as GST, the proposed carbon tax and the mining tax is worrying.
Online ‘presale’ shopping set to double in 2011
Online ‘presale’ shopping is expected to double in 2011, with presale shopping portal Lasoo.com.au recording a record 5.6 million product interactions in December last year, with the exponential growth of online pre-shopping expected to continue in 2011.
Online wake up call for small business – top tips to get your business online
The reaction from Australia’s large retailers to competition from international websites should be a wake-up call for businesses to keep up with their customers online, says computer software program company Axios IT.
Australian startup Shopster.com.au takes on GST free overseas competitors
Despite Gerry Harvey’s war on GST free goods imported from overseas, an Australian startup Shopster.com.au has entered the market with hopes that good service and price will overcome the added cost of paying GST in Australia.
Australian retailer eStore goes ‘GST free’ in response to Gerry Harvey
Gerry Harvey’s calls for a GST on imported goods bought online has caught the attention of Australian IT retailer eStore, with eStore.com.au offering customers GST-free goods this weekend, 15 and 16 January 2011.
Harvey Norman’s plans for a GST free Chinese website “a hoax”
Harvey Norman plans to launch a China-based retail website to circumvent the Government’s GST legislation have been called a hoax, after Harvey Norman chairman Gerry Harvey announced the plan yesterday.