GOODS & SERVICES TAX (GST)

What is Goods and Services Tax (GST)?

Goods and services tax (GST) is a tax of 10% on most goods, services and other items sold or consumed in Australia.

Some things don’t have GST included, which are GST Free Sales.

GST Free items can be found on the ATO website, https://www.ato.gov.au/businesses-and-organisations/gst-excise-and-indirect-taxes/gst/when-to-charge-gst-and-when-not-to/gst-free-sales

Who needs to register for GST?

If you run a business or other enterprise with a turnover of $75,000 or more ($150,000 or more for non-profit organisations), or you provide taxi travel (including ride-sourcing).

What does a GST Registered Business need to do?

Include GST in the price you charge for your goods and services (Unless they are GST Free Sales)
Claim credits for the GST included in the price of goods and services you buy for your business. (Unless they are GST Free Purchases)
Account for GST on either a cash or non-cash basis
Put aside the GST you collected.
Lodge Activity Statements for your sales and purchases and pay if and when due. Lodgement dates can be found on our website at https://nljpartners.com.au/small-business-lodgements/

Your GST Liability

If you need assistance or advice on lodging your Business Activity Statements or other GST advice, please don’t hesitate to contact NLJ Partners.