Thursday 14 Nov 2019
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Latest Accounting News
Hot Issues
15,000 tip-offs as ATO black economy hotline rings hot
What happens when interest rates hit the floor?
Director Penalty Notices (DPN)
Synchronised global economic slowdown
STP to be increasingly monitored
6 new accounting related videos
GDP by country since 1800
Information needed to be the BBQ expert.
Employee or independent contractor: What happens when it goes wrong?
Single Touch Payroll (STP) reporting irregularities: ATO contacting businesses
Employee entitlements, ‘wage theft’ and Fair Work: Why it’s time to be proactive
How's Australia really doing - the real figures?
Pension deeming rates cut from 1 July 2019
Audit warning sounded as ATO clamps down on dodgy claims
New ATO data-matching program – overseas movement data and HELP debt
ATO black economy strike force heads to Brisbane
Access to more resources and tools than most websites.
Tax Return Mistakes
SMSF advice appetite strong, says ASIC
Taxpayers confused by Scott Morrison’s $1,080 tax refund
Common STP set-up mistakes - ATO
Proposal to hold directors liable for GST set to pierce corporate veil
September 2019 - vital statistics for Australia
Tax Commissioner wants to turn black economy to ‘lighter shade of grey’
Changes to the Private Health Insurance Statement
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
Downsizer Super Contribution
Tax payers to receive beefed up tax returns.
10 top global corporations since 1998
Catch-up Contributions
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Articles
GST & Pricing
GST on Credit Card Surcharge
Shareholder Loans
ASIC Changes ? Update
Family Law ? Superannuation Changes
Companies with Unpaid Tax Debts
No Business? No Deduction!!
ABN Information Available Online
Most Common Rental Property Deductions
ASIC Changes ? Update
No Depreciation for Rental Property Items
Late Lodgement Or Late Payment
Travel Expenses to Attend Company Annual General Meeting
Tax Invoice Requirements:-
GST Errors on Business Activity Statement Returns
GST Exemption ? Going Concern
Old Shareholder Loans
GST & Pricing
The Federal Court has recently held that the failure to show a GST-inclusive price for goods and services could, in some circumstances, be considered misleading or deceptive and, as a result, contravenes the Trade Practices Act 1974.

Where GST is applicable to the provision of goods and services, the full price inclusive of GST, or the exclusive price together with the GST payable, should be shown.

Where GST exclusive prices are used, substantial prominence should be given to alerting purchasers that the prices do not include GST.
This is probably important in quoting eg it would be necessary to quote $100 plus $10 GST.

It could be expensive for you if the customer only pays the quoted price, yet you have to pay one-eleventh to the Australian Taxation Office.  Beware ? this possibility is quite real if your quoting procedure is flawed.

Your customer claims the GST and you are out of pocket.



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