ATO Stuns Gold Refiners with Victory in $250m GST Case

The country’s biggest Gold refining industry left reeling and case against the ATO. Now they are targeting a $1 billion tax fraud  with involving Middle Eastern criminal gangs. This report is published in Sydney Morning Herald on 20th December 2019.

According to the ATO, the tribunal found that the country’s biggest refiner, EBS, claimed wrongly input tax credits as well as unconcernedly claim on GST.

The refining industry has been in the ATO’s crosshairs for at least six years on scale tax fraud, in a scam made possible by loopholes in the GST Act.

Gold bullion no need to pay GST and it’s depend on their currency.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

When you Can Claim a GST Credit

You must be registered for GST to claim GST credits.

You can maintain a credit for any GST included in the price you pay for things that you use in your business. This is called a GST credit (or input-tax credit, a credit for the tax included in the price of your business inputs).

You claim GST credits in your activity statement.

You can claim GST credits if the following four conditions apply:

  • you aim to use your purchase solely or partly in carrying on your business and the purchase does not communicate to making input-taxed supplies
  • the purchase price included GST
  • you provide, or are liable to provide, payment for the item you purchased
  • You have a tax invoice from your supplier (for purchases more than $82.50).

You cannot claim a GST credit:

  • without a valid tax invoice
  • for purchases that do not have GST in the price
  • for wages you pay to staff (there is no GST on wages)
  • For motor vehicles priced above a certain limit.

Goods and services that don’t have GST in their price include:

  • GST-free items (such as basic foods)
  • Input-taxed items (such as bank fees and loan interest)
  • Purchases from a business that is not registered for GST (and therefore cannot charge GST).

When you can’t claim GST credit

You also cannot maintain GST credits for the following, even if GST is included in the price:

  • purchases you intend to use for private or domestic purposes
  • purchases you intend to use to make input-taxed supplies, such as those associated with providing residential accommodation
  • some purchases that you can’t claim as an income tax deduction, such as entertainment expenses
  • Land purchases under the margin scheme.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.