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Tailored GST Solutions for Your Business Success

Industry-Specific GST Schemes

BluTrust can help your company apply for the relevant scheme for your industry and make sure that you’re complying with all the requirements.

ACMT

Approved Contract Manufacturer and Trader (ACMT) Scheme

This advantageous GST scheme allows you to avoid the hassle of accounting for GST on value added activities that you supply to non-GST registered overseas customers or overseas persons who are registered under the Overseas Vendor Registration (OVR) regime as a pay-only person.

AISS

Approved Import GST Suspension Scheme (AISS) (For Aerospace Players)

BluTrust is a trusted partner for the aerospace industry to help you apply for AISS. GST-registered businesses in the aerospace industry enjoy added import GST suspension benefits for qualifying aircraft parts. You can import parts at a lower cost to increase your cash flow and allowing you to execute projects faster.

AMCS

Approved Marine Customer Scheme (AMCS)

Under the AMCS scheme, GST-registered businesses with valid tax invoices can enjoy zero-rating on purchases or rental of goods and repair or maintenance services on ship parts or components under qualifying conditions. Our experienced team at BluTrust can help your company apply for this advantageous marine scheme.

MFT

Approved Marine Fuel Trader (MFT) Scheme

The Marine Fuel Trader Scheme allows approved businesses to avoid GST payment on local purchases of approved marine fuel oil from GST-registered suppliers. We ensure a seamless application process for your company to benefit from this advantageous scheme to maximize your savings and compliance within the marine fuel trading industry.

ARCS

Approved Refiner and Consolidator Scheme (ARCS)

BluTrust can help your company apply for the ARCS scheme, which entitles approved refiners and consolidators to special GST treatment on qualifying imports. By taking advantage of this scheme, you can enjoy certain benefits including GST suspension, and additional input tax benefits.

3PL

Approved Third Party Logistics (3PL) Company Scheme

Approved Third Party Logistics (3PL) is a government-approved scheme that exempts logistic companies from paying import GST and charging GST on the supplies of their overseas clients’ goods. If your company has made a decision to be an approved 3PL, BluTrust can help you apply for registration.

SWS

Specialized Warehouse Scheme (SWS)

Specialized Warehouse Scheme (SWS) is a tax incentive proposed to encourage and incentivise the establishment of Specialised Warehouses by companies registered under the Special Economic Zone Act. Under this scheme, qualifying services performed on qualifying goods in Approved Specialised Warehouses and the lease/ tenancy/ licence of storage space in these warehouses can be zero-rated to overseas persons. With Blutrust’s experience and know-how, we can ensure your company receives all the benefits it deserves.

Capital Allowances

Deductions for the decline in value of depreciating assets are available under the Uniform capital allowance (UCA) system. In addition to the rules for depreciating assets, deductions are allowed for certain other capital expenditure.

Small business entities have the option of choosing simplified depreciation rules. Under these rules, small business entities can claim an immediate deduction if the cost is below the relevant threshold or else add the asset to the small business depreciation pool.

Land, trading stock and most intangible assets (excluding exceptions such as intellectual property and in-house software) are not depreciating assets.

The decline in value is generally calculated by spreading the cost of the asset over its effective life, using one of two methods:

Prime cost method – decline in value each year is calculated as a percentage of the initial cost of the asset
Diminishing value method – decline in value each year is calculated as a percentage of the opening depreciated value of the asset
MORE: Australian Taxation Office (ATO) Decline in value calculator.

For most depreciating assets, taxpayers can either self-assess the effective life, or use estimates published by the ATO. Taxpayers can recalculate, either up or down, the effective life of an asset if the circumstances of use change and the effective life initially chosen is no longer accurate. An improvement to an asset that increases its cost by 10% or more in a year may result in an obligation to recalculate the effective life of the asset.

Decline in value of cars is restricted to the car limit. From 1 July 2022, the luxury car tax threshold for luxury cars is $64,741 (it was $60,733 for the year commencing 1 July 2021). Luxury car leases are treated as a notional sale and purchase, with decline in value restricted to the car limit.

The decline in value of certain depreciating assets with a cost or opening adjustable value of less than $1,000 can be calculated through a low-value pool. The decline in value for depreciating assets in the pool is calculated at an annual diminishing value rate of 37.5%.

Changes for 2022 and 2023

From 12 March 2020 until 31 December 2020, the asset cost threshold for the instant asset write-off (which is usually only available to small business entities) has increased from $30,000 to $150,000 and the eligibility criteria expended to cover entities with an aggregated turnover threshold of less than $500 million (up from $50 million).

Further, from 12 March 2020 until 30 June 2021 the Backing business investment measure applied to businesses with aggregated turnover below $500 million and provides either:

A deduction of 50% of the cost or opening adjustable value of an eligible asset on installation (existing depreciation rules apply to the balance of the asset's cost), or
For businesses using a small business depreciation pool, a deduction of 57.5% of the cost of the asset in the first year, with the balance added the asset to the small business pool
In addition, from 6 October 2020 to 30 June 2023, full expensing applies to allow eligible businesses with an aggregated turnover of less than $5 billion to deduct the full cost of new eligible depreciating assets. For businesses with aggregated turnover of less than $50 million, full expensing also applies to eligible second-hand assets.

Activity Statement

Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business taxpayers who need to pay quarterly PAYG instalments also use activity statements.

Activity statements are personalised to each taxpayer to support reporting against identified obligations.

Activity statements for businesses may be due either quarterly or monthly. Generally, businesses can lodge and pay quarterly if annual turnover is less than $20 million, and total annual PAYG withholding is $25,000 or less. Businesses that exceed one or both of those thresholds will have at least some monthly obligations. Non-business taxpayers are generally required to lodge and pay quarterly.

Taxpayers with small obligations may be able to lodge and pay annually. Some taxpayers may receive an instalment notice for GST and/or PAYG instalments, instead of an activity statement.

The Australian Taxation Office (ATO) web site provides instructions on lodging and paying activity statements. Detailed instructions are provided for each of the different tax obligations:

GST (Goods and Services Tax)
PAYG (Pay As You Go) Instalments
PAYG (Pay As You Go) Withholding
FBT (Fringe Benefit Tax)
LCT (Luxury Car Tax)
WET (Wine Equalisation Tax)
Fuel Tax Credits