5 Major Developments in Australia

5 Major Developments in Australia

• Landcom case: ATO yet to concede TAA review rights apply to notional GST assessments
• Withdrawal of GST on Digital Products from Non-Resident Suppliers
• Reflecting transfer pricing adjustments in customs import values – compliance update
• Australia introduces Sharing Economy Reporting Regime from 1 July 2023
• Just 1% of Australian businesses have signed up for eInvoicing

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Composite Supply

• ATO vs Landcom: GST margin scheme applied to a supply of land

Customs

• Reflecting transfer pricing adjustments in customs import values – compliance update

DAC7

• ATO publishes details about the new Sharing Economy Reporting Regime

Deduction (Input Tax Credit)

• Draft RCTI changes now open to public consultation

• No entitlement to input tax credits

Digital Services Tax

• GST on digital services by non-residents

Fraud / Tax evasion

• GST refund fraud attempts

E-Commerce / Electronic services

• ATO publishes details about the new Sharing Economy Reporting Regime

• How will Peppol help my business?

• Australia introduces Sharing Economy Reporting Regime from 1 July 2023

• Australia Tax Agency Announces Withdrawal of GST Ruling on Taxation of Digital Supplies by Nonresidents

• Withdrawal of GST on Digital Products from Non-Resident Suppliers

E-Invoicing

• Australia and New Zealand chose Peppol to drive the E-Invoicing Journey

• Just 1% of Australian businesses have signed up for eInvoicing

• E-invoicing in Australia

Excise

• Revised excise tax rates and tax credit rates for fuel from 1 February 2023

Exemption

• GST on digital services by non-residents

Free Trade Agreement

• Australia-India Economic Cooperation and Trade Agreement enters into force

Invoice

• Onerous GST recipient created tax invoice proposal—consultation extended

• Draft RCTI changes now open to public consultation

• Draft instrument for recipient created tax invoices

Margin Scheme

• ATO vs Landcom: GST margin scheme applied to a supply of land

Private Use

• 2023 Fringe Benefits return calculation details – taxable employers

Real Estate/Immovable Property

• ATO vs Landcom: GST margin scheme applied to a supply of land

Registration

• We may cancel your ABN if there are no signs of business activity

• GST on digital services by non-residents

• Check your client’s registrations are correct

Reporting/Compliance

• GST: ATO reports outcomes of assurance reviews for Top 100 and Top 1000 taxpayers

• GST data tests for financial services and insurance industry

• Monthly Indirect Tax updates – Feb 2023

• 2023 Fringe Benefits return calculation details – taxable employers

• GST on digital services by non-residents

Refund

• GST refund fraud attempts

Tax authorities / Penalties

• Landcom case: ATO yet to concede TAA review rights apply to notional GST assessments

Taxable Amount

• Reflecting transfer pricing adjustments in customs import values – compliance update

Taxable Person

• We may cancel your ABN if there are no signs of business activity

Transfer Pricing

• Reflecting transfer pricing adjustments in customs import values – compliance update