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Government is likely to make money from the GST on small businesses, with an eye to bringing in more than $200 million in revenue through 2019-20.
The move will be made through the Small Business GST, which will be introduced on Monday.
The Government has been working on the GST since 2013 and it is expected to be introduced this year.
Key points:The GST will apply to small businesses and be revenue neutralThe GST rate will be the same as the existing goods and services tax, but there will be a GST cap on some products and services to avoid overstockingSmall businesses, who make up about 40 per cent of Australia’s gross domestic product, will be exempt from the new tax rate from 2019-2020, and will be charged a GST rate of 0.5 per cent.
The new GST rate on some goods and other services will be lower than the existing rate, and they will be taxed at the same rate as the GST cap.
The GST cap will be capped at $100 million, a figure the Government is expecting to be achieved in 2019-21.
Small business will pay 0.7 per cent GST on purchases of more than one item and 0.4 per cent on purchases over $1,000.
The Government says the GST will be revenue-neutral, meaning it will be able to generate tax revenue in a number of ways, including by reducing the cost of providing services and by bringing in extra revenue from GST sales.
Small businesses will not be required to pay GST on their own goods, but will be required, for example, to pay a GST on certain services such as insurance, food and beverages, and small-scale construction.
“The GST on all goods and all services will have the same tax rate, regardless of the price,” a spokesperson said.
“This means that small businesses will be paying the same GST on goods as large businesses.”
The spokesperson said the Government will provide more details of the GST and the changes to the Small Commerce and Investment Tax (SCTIT) and GST Rates.
The GST, introduced in 1993, was the biggest single overhaul of Australian tax law in decades.
The changes were widely praised and hailed as a major step forward in reducing the size of the Australian economy.
The new rate is expected be introduced as part of the budget next month.