If your business sells or purchases vouchers, it’s im-portant to understand how to correctly account for and report GST. The GST treatment of vouchers can vary depending on the type of voucher and how it is used, so getting it right is key to staying compliant with ATO requirements. What Is a Voucher?A voucher is […]
If you’re a small business owner, getting GST right is essential—but mistakes can happen. If you’ve accidentally charged GST when you shouldn’t have, don’t panic! There are steps you can take to correct the issue. Common GST MistakesYou may have incorrectly charged GST if:✅ You treated something that isn’t a sale as a taxable sale.✅ […]
The ATO has recently issued new GST guidance specifically relevant to crypto assets. For GST purposes, the ATO considers that digital currency is a crypto asset utilising cryptography and distributed ledger technology to make secure transactions. The ATO has excluded loyalty points, in-game tokens, non-fungible tokens (NFTs), stablecoins, and initial coin offerings (ICOs) (if they […]
The ATO has extended its motor vehicles data matching program once again to encompass the 2022–2023 to 2024–2025 financial years. For each financial year, the ATO will acquire information from all eight of the state and territory motor registries regarding where a vehicle has been transferred or newly registered during the applicable period, and where […]
The ATO says it is reviewing arrangements involving property developers acquiring land from government entities, specifically where the developer provides development works to the government entity as payment for the land. The ATO is concerned that some developers and government entities are not reporting the value of their supplies under these arrangements in a consistent […]