A website for small businesses in Australia has a feature about recent changes in the government goods and services tax. The government has simplified the requirement for business reporting. Companies have reported benefits from this simplication. It is known that 33 percent of small business time is spent in complying with tax regulations. With micro companies the percentage is fifty. Businesses need to report three types of sales. The website has several other stories about business.
Key Takeaways:
- Changes slated to be implemented for Australia’s goods and services tax are already benefiting some Alpha test users.
- One scholarly paper noted that business owners in Australia by and large utilized between 30 to 50% of their time simply ensuring goods and services tax rule compliance.
- Alpha test users, who are making use of the soon-to-be implemented standard, are doing so through Quicken Books.
“The Australian Taxation Office (ATO) has listened to the concerns of small business, tax professionals, industry associations and cloud accounting software providers like Intuit Australia on the need to reduce GST compliance costs.”
Read more: https://insidesmallbusiness.com.au/planning-management/small-businesses-win-with-gst-changes
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