The Taxpayers' Guide is about all types of tax, both federal and state. As well as detailed information on Income Tax, GST, PAYG withholding/instalment, Capital Gains Tax and Company Tax, the Guide also includes Fringe Benefits Tax, Land Tax, Payroll Tax, Sales Tax and Superannuation Contributions Tax (including the superannuation surcharge).
The expert author team headed by National Director of Taxpayers Australia, Peter McDonald, explains how Australia's taxes work in a very easy-to-understand format with examples, helpful tips, and things to watch out for as part of the narration.
Take the sale of commercial property under GST. There are three methods under which you can go about calculating the GST:
- A. Normal rules - 10% is added to the value.
- B. Margin scheme.
- C. GST-free under the going concern exemption.
There are potential stamp duty savings if option C is chosen because the stamp duty will not be levied on the GST component as the sale price will be a GST-exclusive amount. There are also cashflow benefits for the purchaser as a lower amount will need to be financed to acquire the property. In addition, the purchaser will not be out-of-pocket for the period of time required to obtain a refund of the input tax credit from the Australian Taxation Office if the property was not sold under the going concern exemption.
The Guide is full of practical tax saving ideas.