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Creative solutions to a unique problem - taxing those exploiting the pandemic

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Devotee

Views 219

Replies 2

In the wake of the pandemic, there are frequent reports of people expoliting the pandemic by hoarding necessities and trying to flip them to a large mark up. Technically - this is an Enterprise and so if done on a sufficient scale, is liable for GST. Further - not withstanding this may be an isolated venture - any profits from this is taxable.

 

This may allow the ATO to somewhat creatively enforce the legislation and powers at its disposal whilst at the same time discourage such... un-Australian behaviour.

 

Not sure what the ATO team thinks or whether it's practical to enforce but definatly gave me a smile.

 

Hope everyone is isolating & staying safe!

 

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Community Manager

Replies 0

Interesting point @TaxedoMask - we've passed this onto our GST team.

We're definitely in a unique situation and this kind of feedback on how people are being affected by this event is really important.

So thanks for sharing and appreciate that you're helping Community members during this time. Stay safe.

2 REPLIES 2
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Best answer

Community Manager

Replies 0

Interesting point @TaxedoMask - we've passed this onto our GST team.

We're definitely in a unique situation and this kind of feedback on how people are being affected by this event is really important.

So thanks for sharing and appreciate that you're helping Community members during this time. Stay safe.

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Megastar

Replies 0

@TaxedoMaskGreat ideas, I think that it will be something that they should look at in the future. Maybe there will be a need for a large number of audits in the future.

 

Very amusing.