On Friday, RACCA Australia published an article summarising changes that would be coming into effect from July 1 onwards. Business.gov.au have also published an article detailing what changes are now in effect for businesses.
The article focuses on changes to penalty rates, GST and Business Activity Statements (BAS).
The article outlines the reductions in Sunday and public holiday penalty rates in the retail, hospitality, fast food and pharmacy sectors.
The article also states that GST will now apply to imported services and digital products, which includes the streaming and downloading of movies, music, apps, and e-books, as well as imported services such as services in architecture and the law.
The BAS changes affect small businesses with an annual GST turnover of less than $10 million. Owners of these small businesses will now have the benefit of simpler BAS reporting, specifically less GST information to report. Only the reporting of total sales (G1), GST on sales (1A), and GST on purchases (1B) will now be required.
Business.gov.au’s article and more information on these changes can be found here.
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