business for GST
GST is everywhere, but does your business need it?
Avoid the headache and let us take care of the tricky stuff
Another tick off the list
GST is on your groceries and it’s that extra $20 you spent on those really nice shoes. As consumers we’ve become well accustomed to the word GST, but does your business need it?
Will you be earning over $75k a year? (Of course you will!)
Goods and services tax (GST), is a broad-based tax of 10% on most goods, services and other items sold in Australia. You must register if your business has a turnover of $75,000 or more, or if you provide Taxi or Uber travel.
Reap the benefits
You'll be entitled to claim money you spend on GST provided that you intend to use the purchase for your business and it's over $82.50
Frequently Asked Questions
What are GST credits?
If you're registered for GST, your business can claim back the GST that has been included in the purchase price of business expenses.
What happens when I reach the $75 000 threshold?
If you reach the $75,000 threshold, you must register for GST within 21 days.
What happens if I don't register for GST?
If you are under the $75 000 threshold you will not include the GST component in your prices. You also won't be able to claim GST credits for your business purchases.
How is GST implemented?
Before you hop on the GST train, there are a couple of house keeping rules you should follow. Make sure you have a bookkeeping system in place and ensure you can send tax invoices. If your books aren’t organised, you will have a hard time keeping up with your GST obligations.