EPISODE 92 : Do you know your obligations when it comes to bartering or trading goods and services?

2022-08-17

Bartering is not a new concept, it goes way back ... so it should come as no surprise that transactions that fall under this system are required to be reported to the ATO. But as bartering is part of the small business community ... there is no reason to fear the obligations and requirements that comes with such transactions ... or most importantly, ignore them. Now stay with me ... this episode walks you through the details you need to know when it comes to ensuring that you capture this information correctly, effectively and most importantly ...

Bartering is not a new concept, it goes way back ... so it should come as no surprise that transactions that fall under this system are required to be reported to the ATO.

But as bartering is part of the small business community ... there is no reason to fear the obligations and requirements that comes with such transactions ... or most importantly, ignore them.

Now stay with me ... this episode walks you through the details you need to know when it comes to ensuring that you capture this information correctly, effectively and most importantly accurately for your business. So be sure to check it out. A x

Key discussion points throughout the episode;

[2:12] What is bartering or trade exchange?

[3:29] Ensuring the arrangement is fair and equitable.

[4:21] Having a formal arrangement in place.

[5:04] Obligations that arise in such arrangements.

[5:38] How avoidance isn't worth it.

[6:11] Impact on income tax and GST.

[9:01] What is meant by a book entry.

[9:19] GST registration and threshold impact.

[10:21] Benefits of reporting these transactions correctly.

[12:02] Housekeeping requirements.

Want to discuss this matter more?