Excerpted from the latest Australian Master GST Guide 2018 – 19th Edition, a checklist of recent developments is given below.
This comprehensive new edition, fully updated to 1 January 2018, provides practical everyday guidance on GST issues, including key topics such as real property, financial transactions and imports/exports.
It also includes details of proposed measures to require purchasers of newly-constructed residential premises to remit the GST amount directly to the Tax Office from 1 July 2018.
CHAPTER 4: LIABILITY FOR GST/TAXABLE SUPPLIES
Legislation was passed to implement the Budget announcement that the GST treatment of digital currency such as bitcoin will be aligned with that of money from 1 July 2017, so as to avoid potential double taxation.
The Commissioner released draft guidelines for determining whether goods or real property are connected with Australia (Draft GST Rulings GSTR 2017/D1 (goods); GSTR 2017/D2 (real property)).
CHAPTER 8: GST RETURNS / THE BAS / PAYMENT /ASSESSMENT / REFUNDS
For 2017/18, the GDP adjustment factor used in calculating GST instalments is 4%.
The Commissioner has validly required a security deposit to be given by way of a mortgage over land owned by the taxpayer, where GST liabilities were expected to arise from the taxpayer’s proposed sale and subdivision of the land.
CHAPTER 9: IMPORTS AND EXPORTS
The Productivity Commission concluded that the new rules replacing the $1,000 exemption for imports of low value goods are the most feasible of the alternatives “at this time”.
CHAPTER 10: FINANCIAL SUPPLIES AND INSURANCE
Regulations were made to ensure the correct GST treatment of digital currency as equivalent to a supply of money.
CHAPTER 11: REAL ESTATE / ACCOMMODATION / SALE OF BUSINESS
The government introduced a draft Bill to require purchasers of newly-constructed residential premises or new subdivisions of potential residential land to remit the GST amount directly to the Tax Office.
The acceptable methods of valuation under the margin scheme were considered in Decleah’s case.
CHAPTER 12: TRANSPORT, TRAVEL AND VEHICLES
The Commissioner released draft guidelines on the GST treatment of supplies of rights to accommodation in Australia (Draft GST Ruling GSTR 2017/D2).
The Commissioner released guidelines on the GST treatment of Uber drivers.
CHAPTER 13: FOOD, HEALTH AND MEDICAL
The Commissioner accepts that air ambulance services may be GST-free even though the supplier does not have an Air Operator’s Licence.
CHAPTER 16: GAMBLING, SECOND-HAND GOODS AND OTHER MEASURES
The government has finalised guidelines for determining the market value of precious metals under the new reverse charge rules.
CHAPTER 18: ADMINISTRATION/AUDIT/REVIEW
The rates of general interest charge were updated.
CHAPTER 21: PLANNING / PRICING / CASHFLOW
The government has proposed two new measures as its initial response to the Black Economy Taskforce’s consultation paper’s options for countering tax evasion.
CHAPTER 22: WINE EQUALISATION TAX
Further details of the new rules tightening the eligibility requirements for the WET producer rebate are now available.
You can rely on the Australian Master GST Guide 2018 for a concise, practical, reliable and current explanation of how GST works and how to deal with it in practice. Use our practical examples, checklists and planning strategies to find GST answers quickly and efficiently.