The ATO has released a draft determination on the choice available to food retailers to use a simplified accounting method (SAM) to help work out their net amount by estimating their GST-free sales and GST-free acquisitions of trading stock. 

There are three SAMs available to assist food retailers to estimate their GST-free trading sales and/or GST-free trading acquisitions: 
  • the business norms method; 
  • the stock purchases methods; and 
  • the snapshot methods.

The Draft SAM is substantially the same as the previous determination it replaces. If a taxpayer was eligible to use a particular SAM specified in the previous determination, they will continue to be eligible to use that SAM under the draft Determination.