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- Special rules apply to gift vouchers.
- Changes to the price, for example from early payment or volume discounts, may mean adjustments to the GST position.
- GST does not apply where goods are obtained “free” under a frequent shopper program.
- No GST is payable on refunded deposits. GST may be payable on cancellations.
- Leases of shops are taxable.
- If you live above the shop, expenses will need to be apportioned to reflect the business usage in order to calculate input tax credits.
- The sale of a retail franchise may qualify as a GST-free sale of a going concern.
- If stock is stolen by customers, no adjustment need be made to the input tax credit claimed for the item.
- Where there is a product recall, and the goods returned for refund cannot be reused or resold, the supplier is entitled to a decreasing adjustment for the GST component of the original sale.
- Input tax credits can be claimed for uniforms, tools and equipment purchased for staff, and in certain cases where staff are reimbursed for purchases.
- You can claim full input tax credits even if you supply credit facilities, provided that the credits fall below certain thresholds.
- Abbreviated forms of tax invoices for smaller sales may be satisfied by cash receipts.
- There is no need to issue a tax invoice if the value of the supply, excluding GST, is $75 or less. For food and grocery retailers, recipient created tax invoices may be appropriate in certain situations.
- The cash basis may be appropriate for businesses such as convenience stores hot bread shops where the vast majority of sales are for cash, even though the normal requirements for using the cash basis are not satisfied.
- Unnecessary food packaging may nevertheless be GST-free if it satisfies a de minimis test.
- Stock applied solely for private or domestic use will not be eligible for input tax credits, and a GST adjustment must be made if input credits have already been claimed.
- To a limited extent, tax periods can be aligned with your normal balancing date.
- Eat-in and hot takeaway food is subject to GST.
- Retailers such as mixed businesses may be entitled to use simplified accounting methods for determining what proportion of their sales relates to GST-free food and what relates to taxable sales.
- Lay-by sales are subject to GST, but the GST is adjusted if the lay-by is later cancelled. Special attribution rules also apply.
- GST on sales through coin or note-operated machines is attributed to the tax period in which the machine is emptied.
- GST on contracts subject to “cooling off” periods is attributed to the tax period in which that cooling-off period expires.
- The normal GST accounting rules apply to goods sold on approval, or on a sale-or-return basis, floor plan arrangements, lay-bys or hire purchase agreements.
- GST does not apply to sales of tobacco, alcoholic spirits or perfume at an inwards duty free airport shop.
- A Tourist Refund Scheme applies to certain goods purchased by people who are departing Australia
- Free promotions are not subject to GST.
- The retail sale of second-hand goods is subject to GST. There are special rules for determining entitlement to input tax credits, and for allocating GST and input tax credits on a global basis.
- GST will be charged by registered contractors, but not employees.
- Hire-purchase transactions entered into on or after 1 July 2012 are fully taxable and are governed by special attribution rules.
Our dedicated team can assist you with all your accounting and GST related matters. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.