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Discovery Workings

Here is the link to the more detailed workings behind the discovery, and how you can also find if you have this opportunity to claim back GST.


Again, we remind that we are a Newsagency Specialist Business Brokerage representing newsagencies for sale, we are not accountants.  Whilst we firmly believe that hundreds of newsagents could benefit from this knowledge, (legal disclaimer) we can not accept any liability cost or consequence on how this is determined or used in your own business.

We highly recommend that you consult your accountant with this, especially if you plan on lodging adjusting entries to existing BAS or tax returns.

We know this will likely take a bit of time to put together, but, over a few years, this could add up to a lot of real money you can get back. We think it’s worth your time to investigate.

In further thought, if you discover this discrepancy in your account keeping records :-

  • You could calculate & claim back GST you may have overpaid for a few prior years
  • Bear in mind that will have the effect of reducing your cost of goods, improving actual Profit
  • If claiming prior years, you may owe income tax & ATO interest on that new profit
  • Take care on how much work you give your accountant in determining this, as they bill by the hour.
  • But, tax & interest theoretically shouldn’t be greater than the amount you benefit.

This also raises the question, how does each newsagent take up the credited subscription payment ?  Do you enter each one into your accounting software, which then accrues GST ? Or only enter the payment into your delivery software and how does it account ?  Or not transcribe the payment at all which some have told us.  Somewhere in all this, there would be an ongoing taxable supply, but the main point here, is that normal book-keeping would likely have missed the entitled extra input tax credit noted on the Qld News Statement, and most accountants would not be aware of this as it’s mostly a book-keeping issue.

We appreciate this may be opening a much broader can of worms, so please first cautiously investigate using your own time and then consult your accountant. We sincerely wish you the best.

 If this has saved you money, potentially $$$ thousands we know for some :-

  • Think of us fondly as your Newsagency Industry’s Premier Specialist Brokerage
  • Consider us highly as The Newsagency Brokerage who will present your business with the greatest market credibility to help achieve the best result.
  • Send us an email or letter or bottle of something nice, or simply a Thanks !
  • But most importantly, Engage us FIRST to represent your newsagency for sale.

This is an example of how Newsagencies For Sale’s in-depth industry knowledge can potentially add unparalleled value to your news agency, from the specialist newsagency brokerage dedicated to supporting our newsagency industry.

Newsagencies For Sale  welcomes the opportunity to be of service.