Easing the Burden on Hospitality
A new simplified accounting method (SAM) has been introduced to
help those in the restaurant and catering industry meet their GST
obligations.
The new method will mean businesses such as restaurants, cafes and
caterers with an annual turnover of up to $2 million will now have
the option of using a formula to calculate their entitlement to GST
credits, instead of identifying and recording the GST credits on
each purchase.
“The restaurant and catering industry is a very important
part of the Australian economy and employs around 219,000 people
across Australia,” says Bob Baldwin, Parliamentary Secretary
to the Minister for Industry, Tourism and Resources. “As any
small business owner knows, reducing red tape is essential to the
effective operation of their business.”
Baldwin explains the SAM is one of the most recent aspects of an
industry action agenda for the sector that was launched back in
2004, and which aims to build industry excellence through a
commitment to professionalism, profitability and sustainability.
“The government wholly supports the industry-led Restaurant and
Catering Industry Action Agenda, an initiative of Restaurant and
Catering Australia, that takes a new and strategic approach to the
many opportunities and difficulties this industry faces.”
More information on the SAM is available from the Australian Tax
Office website (www.ato.gov.au) and more on the action agenda can
be found at www.industry.gov.au
