'Hands on' advice on GST

Article Abstract:

Several lessons can be gleaned from the experiences of New Zealand's implementation of GST. The use of small businesses to collect taxes is not very costly, and it offers several advantages, including the benefit of improved record keeping and business management. Australia is considering the adoption of GST, but the country will find that making the transition to a GST system will be challenging.

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Director liability and tax penalties

Article Abstract:

Corporate directors in Australia may continue to be liable for their company's tax debts. Where once directors were immune from liability once the company no longer existed, the Australian Tax Office is now able to hold directors responsible for tax debts. Additionally, directors who become liable for corporate tax debts may not expunge their liability by declaring bankruptcy.

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Accounting for the GST

Article Abstract:

Issues concerning the financial accounting and reporting of Goods and Services Tax auditing of Australian firms and foreign investments are discussed.

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