Latest News

Hot Issues
spacer
15,000 tip-offs as ATO black economy hotline rings hot
spacer
What happens when interest rates hit the floor?
spacer
Director Penalty Notices (DPN)
spacer
Synchronised global economic slowdown
spacer
STP to be increasingly monitored
spacer
6 new accounting related videos
spacer
GDP by country since 1800
spacer
Information needed to be the BBQ expert.
spacer
Employee or independent contractor: What happens when it goes wrong?
spacer
Single Touch Payroll (STP) reporting irregularities: ATO contacting businesses
spacer
Employee entitlements, ‘wage theft’ and Fair Work: Why it’s time to be proactive
spacer
How's Australia really doing - the real figures?
spacer
Pension deeming rates cut from 1 July 2019
spacer
Audit warning sounded as ATO clamps down on dodgy claims
spacer
New ATO data-matching program – overseas movement data and HELP debt
spacer
ATO black economy strike force heads to Brisbane
spacer
Access to more resources and tools than most websites.
spacer
Tax Return Mistakes
spacer
SMSF advice appetite strong, says ASIC
spacer
Taxpayers confused by Scott Morrison’s $1,080 tax refund
spacer
Common STP set-up mistakes - ATO
spacer
Proposal to hold directors liable for GST set to pierce corporate veil
spacer
September 2019 - vital statistics for Australia
spacer
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
spacer
Changes to the Private Health Insurance Statement
spacer
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
spacer
Downsizer Super Contribution
spacer
Tax payers to receive beefed up tax returns.
spacer
10 top global corporations since 1998
spacer
Catch-up Contributions
Article archive
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 1 of, 2017 archive
spacer
Impending GST changes good news for SMEs
spacer
SMSF related-party borrowing arrangements
spacer
Primary Producer Income Tax Averaging
spacer
Active vs passive assets and the small business CGT concession
spacer
ATO issues further taxpayer alerts on key focus areas
spacer
Borrowed money to pay a business tax debt? Is the interest deductible?
spacer
Online Selling
spacer
The dangers of income splitting
spacer
Clients failing on depreciation front - property investment
spacer
Home office deductions: What substantiation will the ATO accept?
spacer
ATO advises accountants on client data swoop
spacer
ATO issues stern reminder on new backpacker tax
spacer
Debt Recovery
spacer
Government takes next step in tax cheats crackdown
spacer
Car salary packages and the deductibility of after-tax running costs
spacer
Choosing an Executor
spacer
ATO fires warning shots at cash economy exploiters
spacer
Getting a tax valuation from the ATO
spacer
5 tips to get home office deductions right
Impending GST changes good news for SMEs

 

Two mid-tier partners have said that the changes to GST introduced to Parliament last week is a good first step in helping Australian SMEs compete with overseas entities.

           

 

Changes to Goods and Services Tax (GST) collection online were introduced to the Parliament last week, which will see GST applied to low-value imported goods up to $1,000. 

“The government understands Australians are increasingly shopping online from overseas vendors who are able to offer items without tax,” Small Business Minister Michael McCormack said.

“This means goods they provide can be cheaper than those offered by Australian businesses, giving an unfair advantage to foreign businesses. For many Australian small businesses, this has an impact on competitiveness as consumers flock to purchase cheaper imports.”

The legislation will require overseas vendors, electronic distribution platforms and goods forwarders with an Australian turnover of $75,000 or more to register for, collect and remit GST for low-value goods supplied to consumers in Australia.

The legislation will come into effect on 1 July 2017.

Bentleys’ Perth taxation and small business director, Ross Prosper, told Accountants Daily that the changes are a “great start” in helping SMEs succeed.

“Introducing the GST will mean those higher valued goods, $500 to $1,000, will look to the consumer to be more price-competitive now in Australia so ideally, they'll be spending more of their Australian dollars with Australian businesses,” Mr Prosper said.

“It’s going someway to leveling the playing field between Australian-domiciled entities and overseas entities.”

BDO tax partner Fady Abi Abdallah also said that the changes are positive, but has concerns over compliance.

“These changes represent the latest measure in the government’s efforts to modernise the GST regime by ensuring that revenue collection remains in line with how the consumers of today buy goods, while at the same time attempt to address Australian business concerns dealing with offshore suppliers having a competitive advantage,” Mr Abdallah said.

“The real test is just how cooperative offshore suppliers will be in complying with these amendments.”


LARA BULLOCK
Wednesday, 22 February 2017
www.accountantsdaily.com.au

© O'Brien and Partners 2011 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922