5 Major Developments in Australia

5 Major Developments in Australia

• Federal Court Determines Frozen Food Products as Taxable Prepared Meals Subject to GST

• The Benefits of eInvoicing: A Case Study of BOC Gas’ Successful Adoption in Australia

• Guidance on Correcting GST and Fuel Tax Errors for Prior Tax Periods

• ATO identifies key GST compliance risks for public groups and MNEs in FY 2023-24

• Review of feasibility of Carbon Border Adjustment Mechanism

CBAM

• Review of feasibility of Carbon Border Adjustment Mechanism

• Review of potential carbon border adjustment mechanism

• Australia considers CBAM to address carbon leakage

• KPMG Week in Tax: 14 – 18 August 2023

• Australia announces progress on a Carbon Border Adjustment Mechanism

Composite Supply

• ATO’s view of food product GST classification upheld by AAT

• Supplies of combination food

Cryptocurrency and NFT

• ATO guidance: GST and digital currency as payment

• ATO guidance: GST and digital currency exchanges

• ATO guidance: GST and trading digital currency

• ATO guidance: GST and digital currency

• Guidance on GST treatment of digital currency transactions

Deduction (Input Tax Credit)

• Federal Court partially sides with taxpayer in GST apportionment case

• Overhead costs apportioned to GST-free supplies entitled to input tax credits (Federal Court decision)

• GST and changes to intended use of residential property

• Guidance on Correcting GST and Fuel Tax Errors for Prior Tax Periods

• Taxpayer unsuccessful in claiming GST credits

• ATO guidance: Claiming GST credits for employee expense reimbursements

• Judgments issued in Hannover Life Re of Australasia Ltd v Commissioner of Taxation

• Guidance: GST and motor vehicles

E-Commerce / Electronic Services

• Consultations on draft legislation for reporting exemptions

E-invoicing

• The Benefits of eInvoicing: A Case Study of BOC Gas’ Successful Adoption in Australia

• ATO: eInvoicing – getting started has never been simpler

• What are the tax incentives provided by Australia on E-Invoicing?

• ATO Notes Benefits of E-Invoicing for Businesses

• eInvoicing in New Zealand and Australia – Everything You Need to Know

• New eInvoicing Hub for Hunter businesses

ESG

• Podcast: ESG and Tax – Companies prepare for Australia’s enhanced public tax transparency rules

Environmental Tax

• KPMG Week in Tax: 4 – 8 September 2023

Excise

• KPMG Week in Tax: 18 – 22 September 2023

• Australia Considers Single Rate for Excise Refunds on Returned Petroleum from Vapor Recovery Units

Exemption

• Taxpayer’s “food” product subject to GST (Administrative Appeals Tribunal decision)

• ATO: GST and supplies by charities – benchmark market values

• We can talk about a higher rate of GST in Australia, but it will never happen

• ATO guidance: Do you supply or sell food and beverage products?

• Judgments issued in Hannover Life Re of Australasia Ltd v Commissioner of Taxation

Fraud / Tax Evasion

• Mildura man jailed for 7 years for GST fraud

• ATO to explain why TikTok GST Scam Results In $2 Billion Loss For Australian Taxpayers

• Advice under development: Dominant purpose and principal effect tests

Free Trade Agreement

• Government to upgrade and broaden scope of ASEAN-Australia-New Zealand Free Trade Area

Implementation / Reform

• Abolish the GST!

Importation

• LCT and GST: Taxpayer selling luxury cars in “museum” showroom loses appeal

Legislative Change

• Guide on Direct and Indirect Tax changes in New Revenue Amendment Act (New South Wales)

Private Use

• Guidance: GST and motor vehicles

Rate

• ATO’s view of food product GST classification upheld by AAT
• Taxpayer’s “food” product subject to GST (Administrative Appeals Tribunal decision)

• Federal Court Determines Frozen Food Products as Taxable Prepared Meals Subject to GST

• Are you charging GST correctly on food and breakfast products?

• ATO: GST and supplies by charities – benchmark market values
• Supplies of combination food
• We can talk about a higher rate of GST in Australia, but it will never happen

• ‘No plans or any intention’ to change the rate of the GST

• One Nation leader Pauline Hanson has slammed a call to raise the GST

• ATO guidance: Do you supply or sell food and beverage products?

Real Estate/Immovable Property

• GST and changes to intended use of residential property

Real Time Reporting/Continuous Transaction Controls

• Increase to GST error correction limits proposed: Are they high enough?

Refund

• The Best Tourist Tax Refunds when Travelling

• How to claim back GST as a tourist in Australia

• A VAT refund guide to Australia

• Australia Foreign Registration and GST: Overseas Business Claimants

Registration

• Australian GST: Does your New Zealand business need to register?

Reporting / Compliance

• Why Indirect Tax Teams Need a Fitness Tracker

• KPMG Week in Tax: 25 – 29 September 2023

• Guidance on Correcting GST and Fuel Tax Errors for Prior Tax Periods

• What Is VAT or GST In Australia?

• ATO identifies key GST compliance risks for public groups and MNEs in FY 2023-24

• Consultations on draft legislation for reporting exemptions

Taxable Transaction

• ATO’s view of food product GST classification upheld by AAT

• Determination on GST, wine tax, luxury car tax for defence-related international obligations

Tax Authorities / Penalties / Interest

• ATO identifies key GST compliance risks for public groups and MNEs in FY 2023-24
• Increase to GST error correction limits proposed: Are they high enough?