GST and Customs
GST is a value added consumption tax levied at the rate of 10% on the supply of most types of goods and services and also on Some real property transactions and the creation of certain rights. However a significant portion of consumption is excluded or exempt. It’s these exemptions that add to its complexity.
Businesses can incur significant compliance costs attempting to work out which goods and services are taxable, GST-free or input taxed. There’s also the administrative costs associated with paying, collecting, claiming credits and remitting GST on sales and purchases. These can be substantial, particularly if you run a small business.
Our GST experts can help you navigate this complex and wide ranging area, helping you achieve compliance, minimise the impact of GST and avoid pitfalls for your business. We can help you with:
- GST consulting – advice on GST for business operations, sales, purchases and other transactions to ensure you meet your GST obligations and maximise your cashflow.
- Indirect tax compliance services – help with all indirect tax compliance obligations to ensure all activity statements are lodged on time.
- Business and commercial transactions – advice on the tax implications of major transactions such as initial public offerings, mergers and acquisitions, and asset sales; and suggest an alternative tax effective approach to avoid costly surprises.
- Overseas online transactions - with the challenges of GST and the digital economy, our GST experts are up to date with proposed government changes on all overseas online transactions and have experience advising and planning in this area.
- Financial acquisitions threshold – testing to maximise input tax credit claims.
- Supply chain management – advice on the identification and resolution of offshore ‘sticky’ taxes, including review of terms of trade, permanent establishment rules and presence, identification of favourable source countries for goods and cash flow management
- Audit defence – help to manage Australian Tax Office (ATO audits), eliminate ATO mistakes, defend the clients' positions and minimise penalties for businesses in situations where the ATO has issued harsh penalties and assessments, even jail terms.
- Health checks – by standing in the shoes of the ATO auditor we can review your systems, documents and processes, eliminate errors and minimise the risk of penalties
- Customs duty – helping clients maximise customs duty savings and offering the entire field of customs practice and procedure including the Enhanced Project By-Law Scheme, tariff concession orders, the Tradex Scheme, customs valuation, dumping and tariff preference.
- Fuel tax credits – preparing credit claims, including identification of eligibility and determination of on-road and off-road use.
- Wine Equalisation Tax – advice on product classification and producer rebates including structuring, associate provisions and grouping.
- State taxes – we can help you work out the tax implications for your business - and plan for relevant transactions - with our practical and detailed knowledge of how each state tax applies.