GST IMPLEMENTATION

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GST IMPLEMENTATION

• Neil Taylor

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What is GST?
A tax on private consumption Achieved
by -taxing supplies of goods, services and
anything else made by registered
entities -taxing all importations of goods -a
thing is taxed each time it is supplied or
imported
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How GST Operates
GST is remitted by suppliers and borne by
consumers -included in price charged for a
supply -registered entities are generally
entitled to input tax credits for GST
paid on acquisitions -consumers are not
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GST - Administrative Context
A New (Integrated)Tax System ANTS Chapter 4
Related Reforms
New Pay-As-You-Go (PAYG) system
Australian Business Number (ABN)
Clients GST Non-GST Business Non-business
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GST - there are many issues to address
Transitional Issues
Department
Lobbying
GST Technical Compliance
New Processes
ACCC Compliance
Educational Requirements
New IT Systems
Working Capital
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GST Approach to Implementation -Stage II follows
from the Scoping Stage
Stage I
Stage II
Stage III
Implementation- workstreams -
Project review
Scoping
Issue identification Implementation
plan Project briefs
Pre cutover Post cutover
A. Programme mgt programme office
Prog Mgt
B. Communications training
C. Financial modelling
D. Transaction analysis
E. Grouping
Strategy
F. Products pricing
G. Supplier management
H. Tax issues / Lobbying
I. Business process changes
Processes
J. IT systems changes
Systems
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Stage II workstreams -High level
interdependencies
A. Programme management programme office
B. Communications training
D. Transaction analysis
C. Financial modelling
F. Products pricing and G. Supplier
management
I. Process change
Stage I - Scoping
E. Grouping
J. IT Systems change
H. Tax issues and lobbying
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GST - Government Online Key Issues

• ABN Registration
• BAS
• Tax Invoices
• Transitional Supplies
• GST Free Supplies
• Input Taxed Supplies

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GST - Tax Invoices

• must have to claim input tax credits (unless
  under 50)
• the ABN of the entity quoted
• the price for the supply
• Such other information as the regulations
  specify
• must be in the approved form
• must be supplied within 28 days of request