What is GST?
Goods and Services Tax (GST) is a 10% tax on most goods and services sold or consumed in Australia.
Who must register for GST?
If a business has a turnover of $75,000 or more per annum, it must register for GST.
Not-for-profit organisations must register for GST when their turnover reaches $150,000 or more.
If a business has a turnover of less than $75,000 it can choose whether or not to register for GST.
How to register for GST?
To register for GST a business or organisation has to apply online through the Business Registration Service or ask their accountant/tax agent for assistance. A business must have an ABN before applying for GST.
What does GST registration mean for a business?
Being registered for GST means the business:
- Must issue tax invoices for taxable sales and obtain tax invoices for business purchases
- Must pay the GST collected from sales to the ATO
- Can claim GST credits for any GST paid on business-related expenses
- Must prepare and submit a Business Activity Statement (BAS), report the taxable sales and purchases, and pay GST to the ATO or receive a GST refund
For more information about GST call us on 07-3286 2407 and we will be happy to assist.