Payroll Tax – Review by NSW Treasury
The NSW Government has announced that it is reviewing the administration of payroll tax in NSW.
It has invited submissions from stakeholders to assist the review, with the deadline for such submissions being Friday 6 July 2018.
ITC Group will be making a submission to NSW Treasury on a range of issues. If you or your clients wished to voice your feedback on the administration of payroll tax by Revenue NSW (previously NSW Office of State Revenue) you could do so directly or ITC Group can incorporate such feedback into its submission.
The review is considering the objectives for payroll tax administration and the effectiveness of Revenue NSW in administering payroll tax and meeting the objectives. The review will also examine any administrative arrangements that are required to comply with the legislation, but payroll tax rates and thresholds are outside the scope of the review.
Further details are available at the following links:
GST on Low Value Imports
From 1 July 2018, GST will apply to low value imports. Strangely, the new regime will not apply at import entry stage – GST and duty will continue not to be levied on most import entries of value less than A$1,000. Rather, the GST will be imposed at sales contract or payment stage. The importer will be required to report the import sales in an activity statement and pay GST to the ATO.
Businesses that import into Australia need to be ready for the new regime by 1 July 2018. If they have not done so already, smaller or occasional importers into Australia need to, as a matter of urgency, determine the following:
- Are they caught by the new regime or is their GST liability payable by an electronic distribution platform or re-deliverer?
- Does their Australian turnover meet the threshold of A$75,000, requiring them to register for GST and report their liabilities?
- How they can apply GST only on sales to Australian customers and not to businesses?
- How they can identify whether the customer is in Australia?
- The processes needed to increase prices, charge the tax, issue tax invoices and report and pay the GST liabilities to the ATO.
Contact Steve Baxter on 02 9221 2888 if your clients would like assistance to comply with the new regime.