Tax & Law
- About Our Global Tax Services
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- Indirect Tax
The EY Indirect Tax team can help your business over the course of the tax life cycle to identify indirect tax risks as well as to provide sustainable planning opportunities to help your business meet its global compliance obligations and strategic goals.
Our globally integrated teams help manage your business’ indirect tax obligations by improving your operating efficiencies and streamlining your daily indirect tax reporting processes.
EY Indirect Tax specialists can assist you with:
- Managing your GST obligations as well as helping to resolve audit disputes
The EY Indirect Tax team specialises in identifying and mitigating GST risks as well as maximising opportunities to assist your business with meeting its compliance obligations and strategic goals. This incorporates planning, accounting, compliance and managing any matters of controversy. The EY Indirect Tax team can help your business to:
- Boost claims and limit costs by using sophisticated data analytical tools to identify risks and opportunities associated with GST processing and compliance
- Avoid unforeseen costs by helping to identify and minimise potential risk exposures stemming from GST legislative changes
- Meet your compliance obligations by confirming all IT systems implemented or updated are GST compliant
- Navigate complex rules applying to bespoke transactions such as divestments, capital raisings and large scale projects
- Standardise your processes and improve efficiencies by providing industry peer insights as well as leading practice advice relevant to your industry
By outsourcing the preparation and lodgement of your Business Activity Statement (BAS) to the EY Indirect Tax team, we can (through the use of sophisticated data analytical tools) reduce your business’ costs while simultaneously improving your BAS processes and controls.
- Reducing your tax payable and improving your cashflow by applying sophisticated data analytical tools to your indirect tax data
EY is a market leader in applying data analytics to indirect tax. EY has developed sophisticated data analytics and visualisation tools that help us to interrogate systems and large amounts of data to identify areas of risk and potential opportunity with regard to indirect tax. We can support your business by:
- Reducing your indirect tax bill by identifying items incorrectly coded as GST on revenue streams and input tax credits (including reduced input tax credits) on expenses
- Injecting cash into your business by developing a robust methodology to advance late claims of input tax credits due to delays in invoice processing
- Increasing fuel tax credits by implementing sophisticated models to track and record fuel eligible for fuel tax credits as well as fuel used to support additional claims
- Identifying risks and/or opportunities with regard to capturing and processing duty payable on insurance, sales of motor vehicles, etc.
- Streamlining your processes to assist with managing global trade customs duties
Increasing trade volumes together with greater scrutiny of cross border flows and a focus on compliance with export controls and import regulations can combine to create significant challenges to your supply chain.
In today's global economy, moving goods internationally can be a complex and costly activity. More than ever before, effective management of global trade issues is crucial to maintaining competitive advantage. In addition, utilising the many new and proposed free trade agreements and other concessions provide opportunities not only for Australian businesses importing, but also businesses exporting to those countries participating in the free trade agreements.
Our globally integrated network of global trade professionals can help you to operate more effectively in moving goods around the world. We can develop and implement strategies to help you to manage duty costs by utilizing free trade agreements, special programs, and transactional structuring. We can help you proactively manage the risks of global trade, improve your international trade compliance and increase the operational effectiveness of your supply chains.
Our core offerings include:
- Strategic planning to manage customs and excise duties
- Trade compliance reviews for imports and exports
- Internal controls and process improvement
- Participation in customs supply chain security programs
Taking advantage of the Australian Trusted Trader programme which was launched on 1 July 2016 will also provide greater benefits to Australian businesses.
Our talented people develop proactive, pragmatic and integrated strategies that help you to address the challenges of doing business in today's global environment and help your business achieve its potential.
- Boosting fuel tax credit claims by developing methodologies to identify eligible Fuel Tax Credits activities
As legislation changes, claimants in our experience have not kept pace with their fuel entitlements.
By adapting alternate fuel tax credit methodologies including the use of GPS technology to retrospective scenarios, we help businesses to streamline their processes and maximise all fuel tax credits to which they are entitled.
Importantly, our clients can take comfort in the knowledge that our methodologies are tried and tested, having withstood rigorous scrutiny by the revenue authority.
- Identifying Stamp Duty and Land Tax obligations and maximising applicable exemptions
The EY Indirect Tax team can help your business to navigate the increasingly complex environment of stamp duty, land tax as well as all other state taxes. Our team can advise your business on a broad range of transactions, from internal restructures and rationalisations, business/entity acquisitions, infrastructure transactions to IPO’s.
Our pragmatic and commercially minded indirect tax team draws as necessary on the knowledge and experience of the broader tax practice to efficiently achieve your business’ goals.
Specifically, the EY Indirect Tax team can help your business to:
- Understand its Australian stamp duty obligations on all transactions
- Identify and mitigate unnecessary stamp duty costs
- Mitigate risks by performing due diligence on identified targets
- Identify and apply for exemptions/concessions
- Identify optimal acquisition/holding structures
- Apply for private rulings
- Meet your compliance obligations by attending to necessary lodgements or voluntary disclosures with a State/Territory Revenue Authorities
- Manage Revenue Authority investigations and disputes, including objections and appeals
- Complying with other specialist indirect taxes such as Wine Equalisation Tax and Luxury Car Tax
There are many indirect taxes that can impact upon your business. The EY Indirect Tax team can assist you with managing these through the tax life cycle. These taxes include:
- Wine Equalisation Tax (WET) and alcohol taxes
Our specialists have in-depth knowledge of the taxation of alcoholic beverages, including wine, beer and spirits and everything in-between. We can assist you in determining the exact classification of your alcoholic product and the correct amount of excise, customs or WET payable. We will help to ensure you are correctly managing your alcohol tax obligations while not inadvertently overpaying.
- Luxury Car Tax (LCT)
Unique to the motor vehicle industry, the Luxury Car Tax is increasingly becoming an area of focus of the ATO. If is not managed correctly, it can lead to large LCT assessments for sold vehicles which can amount to additional LCT costs to the business. Our LCT experts can assist you in navigating this specific and complex indirect tax.
- Wine Equalisation Tax (WET) and alcohol taxes
To find out more about the services we offer in this area please contact us.
The Government released on 2 October 2018 a Treasury Discussion Paper (TDP) which explores a corporate tax system for the digital economy in Australia as announced in the 2018 Federal Budget. The TDP does not provide any recommendations or express a clear preference for any particular measure for taxing the digital economy either on a long-term structural basis or an interim basis. However, it implies that an interim digital services tax may be warranted given the likelihood that no long term global solution is in sight. The TDP is seeking feedback on a series of very open ended questions by 30 November 2018.
Exposure Draft legislation to give effect to the May 2017 Federal Budget announcement to introduce a GST withholding regime aimed at addressing ‘phoenixing’ tax evasion in the residential property development industry was released for consultation on 6 November 2017. Subject to some transitional provisions, the measures are proposed to apply to most residential property sales from 1 July 2018. Our Tax Alert outlines the proposed measures, which are focussed on cash collection/revenue protection and do not alter the tax base, margin scheme regime or GST calculations, and the issues to be resolved with the draft law.
Following the recent one-year postponement of the introduction of the Goods and Services Tax (GST) being levied on suppliers of low value goods (LVG) imported into Australia, the Australian Government has asked the Productivity Commission (the Commission) to undertake a four month inquiry into models for collecting GST on LVG. The Commission will hold hearings for the purposes of the inquiry and produce a final report by 31 October 2017.
Australia to impose GST on digital products from 1 July 2017 and on low value imported goods from 1 July 2018
Australia has enacted two important changes which extend the reach of Australia’s Goods and Services Tax (GST) to overseas suppliers of digital supplies and supplies of low value goods. While digital supplies will be subject to GST from 1 July 2017, the second measure was delayed by a year and low value imported goods will now be subject to GST from 1 July 2018.
Contact a member of our Indirect Tax team.
Are you ready to report by 28 August 2018?
Register here to join our EY panel on Monday, 25 June as they discuss how Government entities can comply with the Taxable Payments Annual Report legislation, and share information on tools, analytics and insights from advising clients.
EY’s report Managing indirect tax funds examines the challenges that taxpayers face around the world in recovering foreign VAT/GST, managing domestic VAT/GST credits and obtaining customs and excise duty rebates. This report also outlines leading practices for avoiding and reducing excess indirect tax costs and for making successful claims.
Our interactive Worldwide Indirect Tax Developments Map is designed to help you keep abreast of changes happening around the world in value added tax (VAT), goods, service tax (VATGST) and other sales taxes, global trade, and excise and other indirect taxes. It provides a brief outline of what is happening, and where and when the changes take place.