Australia Provides Consumption Tax Self-Review Guide, Checklist

The Australian government published a guide Thursday to help small- and medium-business taxpayers properly classify their food and health supplies for the goods and services tax.

Australia’s GST is a 10% levy put on a wide range of products and services sold in the country.

• Release of the checklist comes after the government opened it up for consultation in July.
• The tool is used to help smaller retailers with a high number of low-value transactions correctly classify their products, processes, and controls to avoid misclassification and under-reporting of the GST.
• The Australian Tax Office said while use of ...