Chris Green of QNF Sales has uncovered an anomaly in the handling of GST of newspaper subscriptions which could have seen newsagent under claim GST. Following thorough research Chris contacted News Ltd and they confirmed that subscription credits to newsagents do not have any GST applied. As Chris has published…
We are now fairly certain, that due to the GST treatment of subscription credits, and subject to how Newsagents may be book-keeping their News Ltd statements; it is likely Newsagents who have customers subscribe directly to News Ltd; could be under-claiming their entitled GST.
Click here to see the details on the possible GST claim back opportunity for newsagents. For more on the excellent work on behalf of newsagents by Chris and QNF sales, click here.
The implications for newsagents receiving subscription credits could be considerable. After allowing for appropriate adjustments, newsagents could be entitled to credits reaching thousands of dollars – going back to 2006. Beyond the possible tax benefits, there could be implications for newsagents and their banking relationships as the research could result in some businesses being more successful on paper than they may have looked.
The work done by Chris for the newsagency channel is valuable. That he is sharing it widely ought to be appreciated by all newsagents. His research has been thorough and newsagents already are appreciating the results … I have spoken to a couple of are set to benefit to the tune of thousands of dollars.
Newsagents can contact Chris at Newsagencies For Sale Pty Ltd trading as QNF Sales by email at: firstname.lastname@example.org.
There are plenty of newsagency brokers who claim to support newsagents. Few do this type of work which genuinely benefits the channel.
If you are a distribution newsagent and you have customers on News Limited subscriptions, check out your handling of GST today.