RSM Australia

GST consulting and compliance

Our GST consulting services will assist you in the daily management of all on-going GST matters

GST is always one of the important tax issues for business when considering new international ventures or transactions, new structures, new developments or merger and acquisition activities. However, as a transaction-based tax, the ongoing and efficient management of GST is a day-to-day business issue and the ATO expects all businesses – whether SMEs or large organisations -  have effective processes, finance systems and controls to identify and meet GST obligations.

Our GST consulting services

Our GST experts have indepth experience in providing practical and commercial advice to organisations of all shapes and sizes and can advise your business when structuring your transactions and arrangements.

Our GST consulting team can:

  • assist businesses structure their organisations and their supply chain to minimise unrecoverable GST costsOur GST consulting services will assist you in the daily management of all on-going GST matters
  • assisting with the GST issues for proposed merger and acquisition activity
  • structure local, international contracts and transactions and cross border activity to minimise GST and customs duty costs
  • assist property developers and other property holders with GST issues for property sales, including the going concern and margin scheme concession  
  • manage dealings with the ATO, including ATO reviews, ATO audits, securing GST refunds and remission of penalties and General Interest Charge
  • assist financial institutions, credit unions and managed funds on maximising their input tax credit recovery, including RITC reviews
  • assist government agencies, councils, NGOs and NFPs on the specific and particular GST and indirect tax issues faced by the public and charitable sectors
  • process improvement, systems and compliance reviews for GST identification and management
  • indepth data analysis of your business’ data to identify GST opportunities, compliance issues or other process anomalies such as duplicate payments 
  • development of GST procedures, manuals and training of accounts payable and finance staff

We can also manage your day-to-day GST reporting and compliance, including:

  • completing and lodging ABN and GST registration documentation for new local and non-resident business as well as GST grouping, retrospective GST grouping and GST branching applications
  • preparing Business Activity Statements (BAS) for  local and non-resident business

How the PM’s defeat impacts corporate tax rates

Following the proposal for reduced tax rates for corporate entities in 2016, the Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017 (the Bill) was ultimately defeated in the Senate on 23 August 2018 by a vote of 36 to 30. 

Foreign incorporated companies and changes to the tax ruling - What you need to know.

Most will remember the 2016 High Court ruling in the case of Bywater Investments Limited.

Reduced corporate tax rates - what rate of tax will my company pay?

While the legislation is transitioning, some have been left confused about the application of reduced corporate tax rates and the details of eligibility criteria during this state of limbo. To provide some clarity, we take a closer look.

Fringe Benefits Tax – ATO finalise their position on private use of vehicles.

New guidelines for private use exemptions of eligible motor vehicles for Fringe Benefits Tax (FBT) - ATO says yes to making a quick stop to grab a coffee (as long as it doesn’t add more than 2kms to your trip to work and is infrequent) but no to heading to cricket practice after work. 

R&D Tax Incentive Reform - Call for submissions

R&D tax reforms, as announced in the 2018-19 Federal Budget, are steps closer to implementation with the Treasurer and Minister for Jobs and Innovation releasing draft legislation proposed to enact the changes. 

New GST withholding rules - what property purchasers and developers need to know

The Federal Government has passed legislation that will require purchasers of new residential properties to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measures were first announced in last year’s Federal Budget. The legislation specifies: 

Budget falters on R&D tax (and how this impacts startups)

It’s the third budget handed down by Treasurer Scott Morrison and for those of us in the innovation space, a whole lot to digest. After poring over the detail, I’ve created a summary of notable items for your reading pleasure (disclaimer: it’s not all pleasant).

New GST Legislation released - Developers and Home Builders beware

On 6 November 2017, Treasury published an Exposure Draft of legislation that will require purchasers of new residential premises and lots in new residential subdivisions to pay an amount equal 1/11th of the

ATO releases draft transfer pricing guidance on international related party financing arrangements

On 16 May 2017, the Australian Taxation Office (ATO) issued in draft form a Practical Compliance Guideline (PCG 2017/D4) outlining its proposed compliance approach to the transfer pricing implications arising from cross border ‘related party financing arrangements’ (RPFAs). 

Australian GST: low value threshold (LVT) changes a step closer

With a low value threshold (LVT) set at AUD$1,000, Australia has been very much at the ‘generous’ end of the global spectrum of GST-free imported goods, to the benefit of Australian consumers and the chagrin of Australian retailers.

Budget 2016 - Corporate Tax Rates

Income Year Annual Aggregated Turnover Thresholds Rate 2016/17

Budget 2016 for SMEs

Key announcements Increase in small business entity turnover threshold from $2 million to $10 million; Increase the unincorporated small business tax discount; Amendment to Division 7A to allow self-correction for inadvertent breaches.

Budget 2016 for Corporations

Cuts to Company Tax Rate The company tax rate will be reduced to 25% over the next 10 years. The company tax rate will be progressively reduced to 25% between the 2016/17 and 2026/27 income years.

Australian GST extended to tax foreign B2C digital supplies

The Government recently introduced a Bill which has significant GST implications for non-Australian businesses interacting with the Australian economy.  The changes are grouped in two categories. 

WA state tax exemption for charitable bodies or organisations

How will the changes affect your organisation?

Tax reform 2015 – a background

The Abbott Federal Liberal-National Party Coalition Government was elected in September 2013 on a platform of 'economic repair' which included promises to conduct two related white paper processes leading into the next federal election: a white paper on tax reform, and a white paper on the reform of Australia’s Federation.

Informed and holistic approach needed for GST debate

The recent debate around the broadening of the GST base to include either fresh food versus private health and private education feels a little like introducing bandaids when major and painful surgery is required.