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The Technology and Innovation team at RSM share practical GST insights from within the developing Australian Space Industry.
Goods and services tax (GST) in Space - is the supply of new and developing technology taxable?
For a number of years, the Australian Taxation Office (ATO) has been revisiting long-held formal and informal positions it has taken with respect to the GST treatment of a range of banking products and financial services.
JobKeeper payments are now trickling in to give a much-needed boost to the cashflow of eligible businesses which is a cue to remind businesses of the compliance and that it is critical to ensure records are reasonable enough to substantiate any future queries.
Almost 20 years on from the introduction of GST in Australia by then-Prime Minister John Howard and who’d have thought that robust deliberation on its application continues.
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:
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
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.
