Simplified GST accounting methods for food retailers

Many small food retailers buy and sell products that are taxable as well as products that are GST-free. Others buy taxable and GST-free products and sell only taxable products. Depending on the point-of-sale equipment they use, accurately identifying and recording GST-free sales separately from those that are taxable can be difficult, which makes accounting for GST complicated.

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The ATO have introduced the simplified accounting method for GST purposes (SAM) to make it easier to account for GST. These methods will help you work out the amount of GST you are liable to pay to us at the end of each tax period. Read more

Simplifying transfer pricing record-keeping

The ATO has developed some simplified transfer pricing record keeping options so that certain eligible businesses can opt to minimise some of their record-keeping and compliance costs for three consecutive income years, the first of which starts on or after 29 June 2013.

The guidelines are published in the Simplifying Transfer Pricing Record Keeping (on-line guide) and if you click on the link below, you will find questions and answers that should be read in conjunction with it the online guide.

Click here for more information.    Simplifying Transfer Pricing Records FAQ

Government Super Co-Contributions

You may be eligible for either the super co-contribution or the low-income super contribution (LISC) or both, which means the government also adds to your super.

You don’t need to apply for either the co-contribution or LISC payment. If you’re eligible, have lodged your tax return and your fund has your tax file number (TFN), the ATO will pay it to your fund account automatically.

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