Sunday 27 Sep 2020
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Latest Accounting News
Hot Issues
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
Year End Tax Deductions – “equipment”
Home Office Claims 2020
Early release of super sees ‘high take-up’
Tax time 2020: ATO homes in on rental deduction claims
ATO announces Div 7A COVID-19 assistance
‘HomeBuilder’ grants now available.
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Articles
GST on Credit Card Surcharge
GST & Pricing
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 on Credit Card Surcharge
If a merchant now imposes a surcharge when a customer using a credit card, is GST applicable?

It would seem to be debatable whether the extra fee charged by the merchant, is a financial supply and not subject to GST.  However, the Australian Taxation Office (ATO) considers that it is part of the price for the merchant?s supply of the goods or services.  Accordingly, the merchant will be required to remit 1/11 of the total price.

The ATO logic is that if the price tag indicates a price, say of $50 inclusive of GST, and when payment is tendered the customer chooses to pay the surcharge of say 3%, the new price for the item is $56.65.  The ATO consider that this is one supply only and therefore, GST is payable in respect of the total amount.  It also means that an input tax credit is claimable on 1/11 of the total if the card holder is purchasing for business purposes.




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