Report GST Annually and Pay Quarterly Instalments

The option to report GST annually, and pay instalments quarterly is now available to all businesses that have a turnover that is less than $2 million.

The GST instalment is worked out by the ATO (which can be varied by the taxpayer) and then the entity reports its actual GST information annually on an Annual GST return.

If you would like to discuss this option, please call our office.

GST On All Online Transactions from 1 July 2017

It has recently been announced to reduce the GST threshold on imported goods and services to zero effective 1 July 2017. It is currently at $1,000.

A proposal that is dependent on a vendor registration model to collect GST has been put forth.

Overseas suppliers will charge, collect and remit GST on digital and physical products, and as in the case in Australia, they will only need to do so if turnover is at least $75,000.

ATO Focus on Holiday Rentals

The ATO has sent out a firmly reminder that individuals with rental properties must ensure they are only claiming deductions that they are entitled to.

That is, claiming deductions for periods in which the holiday home is rented out and/or is available for rent.

Clients are advised to keep accurate records to ensure they are declaring the correct income and expenses, and have evidence for these claims.