Business Services Industry
GST red tape could cut show to ribbons.
Australasian Business Intelligence, February, 2002
Feb 20, 2002 (The Weekly Times
ABIX via COMTEX) -- The Australian Taxation Office (ATO) is endangering Australia's agricultural shows. Many competitions and events conducted by agricultural societies are threatened by the ATO's ruling that the goods and services tax (GST) must be paid on non-monetary prizes. The efforts of thousands of committed show volunteers could be negated by the complexity of the tax ruling. For instance, around 10,000 ribbons are bought for the annual Royal Melbourne Show. At an average price of around $A1.35 per ribbon, the show is liable to pay GST of around $A0.13 per ribbon. The cost of administering the tax would, however, be in excess of $A0.13 per ribbon.
AUSTRALIAN TAXATION OFFICE: ROYAL MELBOURNE SHOW: ROYAL...
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