Business Links Australia Pty. Ltd. is a CPA Practice
CPA Australia Logo
Liability limited by a scheme approved under Professional Standards Legislation
Hot Issues
spacer
Covid-19 resources
spacer
‘HomeBuilder’ grants now available.
spacer
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
spacer
JobKeeper documentation ‘absolutely critical’ in ATO audit
spacer
ATO updates JobKeeper compliance approach
spacer
COVID-19 hotspots - tax time 2020
spacer
$150k instant asset write-off set for significant drop
spacer
Tax reform to feature heavily in PM’s JobMaker plan
spacer
Jobkeeper Fraud warning
spacer
ATO extends initial JobKeeper payment deadline
spacer
Boosting cash flow - ATO
spacer
Our website, your resources
spacer
ATO releases JobKeeper alternative test
spacer
Temporary Working from Home Expenses Rule
spacer
Minimum Pensions Halved – 2020 & 2021
spacer
More coronavirus support for landlords, commercial tenants
spacer
COVID-19: Early Childhood Education and Care Relief Package
spacer
What Covid-19 relief packages mean to you.
spacer
Now I’m working from home, what can I claim?
spacer
Global statistics plus Covid-19 updates
spacer
ATO clarifies COVID-19 rent relief concerns
spacer
Banks to defer small-business loan repayments for 6 months
spacer
Historic $130bn wage subsidy to cover 6 million workers
spacer
Stage 2 – Covid-19 stimulus package.
spacer
Covid-19 Update - Small Business
spacer
PM launches $17.6 billion virus stimulus plan
spacer
SG amnesty bill passes Parliament
spacer
ATO flags most common SMSF return mistakes
spacer
Expected GDP by country 2010 to 2100
spacer
ATO expands small business review pilot
spacer
A resource hub for our clients.
spacer
Risks when dating documents in 2020
spacer
Australian Taxation Office (ATO) debts may affect your credit rating
spacer
Statistical picture of Australia - Update
Article archive
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
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
GST collection on overseas goods at 300% of forecasts

GST collection for low value imported goods is tracking at 300 per cent of forecasts, as overall GST collection continues to grow.

       

 

Since new laws kicked in on 1 July last year, GST will apply to sales of low-value, imported goods valued at $1,000 or less, to consumers in Australia, in a bid to ensure that such imported goods receive the same treatment as goods purchased domestically.

Deputy Commissioner Tim Dyce said latest revenue figures show that digital marketplaces and lower value international online sales were not an impossible nut to crack.

“The digital services measure has already achieved $272 million GST in the first year or 180 per cent ahead of forecast. We’ve collected $81 million from the low value imported goods measure in the first three months of operation, already above our full year revenue estimate of $70 million. We’re tracking at over 300 per cent of forecast,” said Mr Dyce.

“There was a lot of discussion prior to their introduction about whether these kinds of measures could possibly work, and in many ways it is the most significant change in the way we have collected GST since its inception almost exactly 20 years ago.

“Not only have we had high levels of registration for these measures and well above forecast revenue, we’ve even had feedback from some online sellers that the registration has improved their business processes and given them greater insight into their sales performance.”

The measure, first announced in the 2016–17 federal budget, was expected to raise $300 million over three years.

The ATO’s GST administration annual performance report for 2017–18 showed that the agency raised $63.1 billion in GST cash, 5.5 per cent higher than in 2016-17.

A further $3 billion in GST liabilities was raised through the ATO’s direct compliance activities – a 5.6 per cent increase on last year’s outcome. The Department of Home Affairs raised a further $31.1 million through its compliance activities.

 

Tax&Compliance Reporter
28 March 2019
accountantsdaily.com.au