Do you worry that the ATO may audit your Goods and Services Tax (GST)? Or that you may incur penalties and interest on GST mistakes?
Getting your Goods and Services Tax set up properly from the beginning helps to prevent future headaches and stress.
We help to ensure you have the best practices for your GST and accounting and look at ways to protect your business. We have many years of experience with GST and have regular team updates and training covering the very latest ATO ruling and practices.
What is GST?
The Goods and Services Tax (GST) is a broad-based tax of 10 percent on the supply of most goods and services in Australia. It is a self-assessment tax and must be reported each month or quarter on your Business Activity Statements (BAS).
You are required to register for Goods and Services Tax if:
Your business has a GST turnover of $75,000 or more ($150k + for non profit)
You provide a taxi service as part of your business, regardless of GST Turnover.
Goods and Services Tax has numerous combinations of circumstances that determine which transactions are subject to GST or classified as a GST exempt service
How we help:
Goods and Services Tax registration and set up
Goods and Services Tax training
Specialist GST advice
ATO payment arrangement negotiation
Review and preparation of BAS
GST exempt transactions
BAS lodgements
Conflict resolution
Real property transactions and GST
GST and non-monetary transactions
GST in SMSF for commercial rental property
Contact Us Today on (02) 4926 2300
It’s usually a good idea to register for GST when your business has not yet reached the GST threshold but it is likely to do so soon. When you do hit the GST threshold, you need to register within 21 days. Our team can help to advise you on benefits of registering GST early.
Things that are GST-free include:
- Most basic food
- Some education courses, course materials and related excursions or field trips
- Some medical, health and care services
- Some medical aids and appliances
- Some medicines
- Some childcare services
- Some religious services and charitable activities
- Supplies of accommodation and meals to residents of retirement villages by certain operators
- Cars for disabled people to use, as long as certain requirements are met
- Water, sewerage and drainage
- International transport and related matters
- Precious metals
- Sales through duty-free shops
- Grants of land by government
- Farmland
- International mail
- Exports
- Sales of businesses as going concerns
- Some telecommunications supplies
- Eligible emissions units