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June 28, 2018

International online retailers gear up for GST rules in Australia

Australian goods and services tax collection will be implemented by international online retailers when customers buy products worth $737 or less beginning 1 July.

Australian goods and services tax collection will be implemented by international online retailers when customers buy products worth $737 or less beginning 1 July.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
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The Australian Government has taken this decision to offer fair trading for all retailers and ensure same tax treatment on low-value goods purchased by consumers in the country.

According to the Australian Taxation Office (ATO), the new rule covers international retailers with a GST turnover of $55,303 or more per year.

The government agency will provide a simplified system for retailers to register, lodge and pay Australian GST.

Retailers only need to report total taxable sales and GST, and pay once each quarter through this system.

ATO assistant commissioner Kate Roff said: “Any businesses that are having difficulty meeting their obligations should contact the ATO as soon as possible.

“The ATO has the ability to use financial data tracking, customs data and online investigations to identify those that are not meeting their taxation obligations.”

“Businesses that do the right thing and register for GST can be assured that we will, where appropriate, pursue businesses that do not.

“The ATO has the ability to use financial data tracking, customs data and online investigations to identify those that are not meeting their taxation obligations. Businesses that decide not to comply will face penalties.”

ATO will also support retailers who are taking measures to comply with the rule by assisting them to navigate the collection and remittance process.

The taxation rule also involves re-delivery service providers such as mailbox re-delivery and personal shopping services. Consumers using GST-registered re-deliverers will pay the applicable GST to them.

In response to the new GST rules, major retailer Amazon has already revealed plans to prevent Australian customers from purchasing from its US store and redirect them to the Australian site, reported The Guardian.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.