GST on Digital Products

In the 2015 Federal Budget handed down in May, new rules were announced (commencing from 1 July 2017), to impose GST on “inbound intangible consumer supplies” made to Australian consumers (popularly known as the “Netflix tax”). These new rules were aimed at collecting GST on an increasing number of online services such as music and video download and streaming supplies. … Read More

Christmas gifts and parties – how do you treat them?

  It is that time of the year again and, like every other year, we receive numerous questions about how the normal Christmas gifts and parties should be treated for tax purposes. If properly planned you can ensure that they don’t cost you more than they have to. Below we have looked at the treatment of common Christmas items. Fringe … Read More

What to consider when buying a car for business use?

We get asked this question a lot, and depending on your situation the tax savings or benefits will differ between businesses. Here are a number of important issues you need to consider before buying a car (comparison between a sole trader individual and a company): 1. In what name should I buy the car in? My personal name or my … Read More

Why you need a good bookkeeper

Having a bookkeeper to do your normal bookkeeping is one thing, but having a good bookkeeper can really help improve your financial accounts and provide you with many other benefits. A good bookkeeper should be able to offer you the following: Handle all sales invoicing and debtors’ reconciliation. Handle all suppliers’ payments and creditors’ reconciliation. Give you timely financial accounts … Read More

How to save GST on the sale of a property using the margin scheme

In certain circumstances, GST on a taxable supply of property can be calculated by using what is called the “margin scheme”. Under the margin scheme, the GST payable is calculated on the “margin” on the sale, rather than the total sale proceeds. The margin is the generally the excess of the sale price over the purchase price or, if the … Read More