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GST to tarnish gold

WA’S income from gold exports worth an estimated annual $3.98 billion will be affected by a goods and services tax, warn KPMG advisors.

The advisors to energy and natural resources organisations focused on pressing issues facing the gold industry, including taxation change and GST.

KPMG partner Steve Scudamore said the gold industry, like other industries, will bear the cost of compliance with GST, including the up-front cost of its implementation.

“Between now and July miners should undertake a scoping and prioritisation review so senior management can adequately gauge the extent to which they can maximise benefits to be obtained and deploy appropriate resources,” he said.

Mr Scudamore said IT resources should be secured now to avoid competition with projects competing with the GST transition such as Y2K.

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