Posts

Selling your business and the GST “going concern” exemption

The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years.

A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such.

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Why you need to disclose a business industry code for your tax return

The Tax Office has re-released its business industry code (BIC) tool to help small businesses speed up their tax return lodgement.

The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes.

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What is a Tax Office public ruling and how can it help?

The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws.

Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by others and may have already been addressed.

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Yes, you can claim GST credits for employee reimbursements

If you are an employer registered for GST you may be entitled to claim credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.

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