Wise Accounting Podcast (wap)

While it was a slow tax week, on the news front, there were some pieces of news that were worth of being shared.  This week we discuss when do you need to remit the GST on Bartercard receipts (yes, Bartercard is still a thing); remind you that if you are in the construction industry your Annual Taxable Payments Report is nearly due; and finish off on more GST - this time simplified GST.  You ca hear it all: The AAT has held that a taxpayer must attribute the GST payable on taxable supplies it made under a barter scheme to the tax period when its trade account was credited for those supplies. see Taxology Pty Ltd v FC of T 2016 The ATO has reminded tax agentsthat if they have clients in the building and construction industry who paid contractors during 2015-16, their Taxable payments annual report is due by the 28th August 2016. Reporting to the ATO is required if all of the following apply:  * a business is primarily in the building and construction industry  * it makes payments to contractors for buildin