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The Tax Institute has spotted an anomaly in GST law concerning the difference in GST cash accounting thresholds to potentially incur ‘fairly serious errors’ for practitioners who may not be aware of the oddity.
Speaking to Accountants Daily, Tax Institute senior tax counsel professor, Robert Deutsch, said there might have been an oversight when the Treasury Laws Amendment (Enterprise Tax Plan) Act 2017 passed, giving small businesses with an aggregated turnover of up to $10 million the ability to account for GST on a cash basis, but not applying the same threshold to entities that do not carry on a business, as per Section 29-40 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).
Read the full article on Accountants Daily.