08 May 077 Simplified accounting methods - extending availabilityThe Commissioner of Taxation will have power to develop simplified accounting methods (SAMs) for all entities with an annual turnover of less than $2 million that make mixed supplies - taxable and GST free - or mixed purchases, with effect from 1 July 2007.
Currently, SAMs are restricted to retailers that sell food and to charities that make GST free supplies. Under this measure, businesses will be able to approach the Australian Taxation Office to initiate the development of a SAM to simplify their GST calculations and reduce their compliance costs.
This measure is subject to the unanimous agreement of the States and Territories.
For a copy of the Treasurer's press release, No 2007/38, 8 May 2007, go here