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Imported services and GST

Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST.

These businesses will need to supply their Australian business number (ABN) and a statement that they are registered for GST to the supplier at the time of purchase to ensure they are not charged GST.

Overseas businesses registered under the simplified GST system for non-residents do not have an ABN and cannot issue a tax invoice. If a business believes that GST has been charged, they will need to contact the supplier and seek a refund if appropriate.

However, if an Australian business is not registered for GST or their purchases are not for business use, they will need to pay GST and will not be able to claim it back.

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News

What to consider when consolidating your super

August 27, 2020

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds’ policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready: