GST credits; import GST postponements; foreign low-value goods and digital providers.
The Australian Taxation Office has announced a range of refliefs for businesses as the COVID-19 pandemic continues to affect businesses and consumers. The Goods and Services Tax measures include:
Move to monthly GST returns for credits
Any businesses regularly in a credit position – more GST paid than charged – can consider switching from quarterly GST return filings to monthly. This would enable faster refunds of their GST due. If a taxpayer opts to report GST monthly, they must keep reporting monthly for 12 months before they can elect to revert to quarterly reporting.
Foreign low-value goods and digital service providers
Non-resident providers are required to charge Australian goods and digital services. They may contact the ATO for deferred payments or need help lodging their GST return if they are having problems accessing our simplified system
Deferring import GST
Importers of goods into Australia can switch from immediate import GST payments to the deferred regime. This would move payments from up-front to quarterly.