KSW International Insight Newsletter | November 2023

KSW International insights (1)

November 2023 | VOLUME 14
KSW Newsletter for our international accountants

Understanding the GST Implications for Offshore Digital Product and Service Suppliers to Australia

In recent years, the Australian Taxation Office (ATO) has redefined its Goods and Services Tax (GST) regulations concerning offshore supplies of digital products and services to Australian consumers. Read more to learn about crucial aspects such as GST registration, determining connection with Australia, and specific rules for digital supplies.

Updated Guidance on Central Management and Control Test of Residency 

The ATO recently updated Practical Compliance Guideline PCG 2018/9, offering clearer guidance for foreign companies on residency. This update introduces a risk assessment framework and clarifies ongoing compliance for public groups, refining principles from Taxation Ruling TR 2018/5. Read more to understand the key changes.

Australian Taxation Landscape: Insights and Evolving Focus

The ATO is driving evolution in Australia’s tax landscape through strategic programs and initiatives, Key focus areas for 2023-24 include small business tax performance, cybersecurity, debt management, fraud prevention and more. Read more for insights into the evolving Australian tax landscape.

Australia’s Adoption of the Crypto-Asset Reporting Framework

Australia is bound to implement the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework (CARF) by 2027, marking a significant step in regulating digital assets. Tax advisors must navigate new due diligence requirements and strategic tax planning to optimise outcomes while incorporating sustainable practices. Read more to learn the challenges and opportunities arising from the adoption of CARF in Australia.

Kreston Stanley Williamson

*Correct as of 04 December 2023

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a schem approved under Professional Standards legislation. 

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