GST REGISTRATIONS

G= Goods
S= Services
T= Tax
That is exactly what it is, a tax on goods and services
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​So why wait?
Apply for your ABN, GST, PAYG, WET, LCT, BUSINESS NAME AND TFN
​all in one easy form! 

​What do you need to know about GST? 

​Quick Facts -

  • it is levied at a rate of 10%;
  • it is ultimately paid by consumers who are the end users of goods and services;
  • it is levied on most goods, services and other items sold or consumed in Australia;
  • certain types of supplies are GST free.  Examples include certain fresh foods, exports and medical supplies, but most are subject to GST;
  • certain real estate sales are subject to GST (for example, sales of commercial property), while others are not (for example, resale of residential property owned by mums and dads, business premises sold as part of an ongoing business and most rural property);
  • businesses that purchase goods or services to use as part of the product or service that they supply to consumers may receive a refund of the GST they pay;​

Do I need to Apply for GST?

Only certain businesses are required to register for GST, which is currently those with a GST turnover (i.e. revenue) of greater than $75,000 per annum ($150,000 or non-profit organisations)

You can voluntarily register your business for GST if you earn less than this amount. You may want to voluntarily register if you are incurring a lot of expenses like when you are in start-up mode. That way you’ll get back dollar for dollar the GST you are paying for your business purchases. This can help with the cash flow for your business. When you invoice your customers you need to charge 10% GST, and your invoices need to look a certain way to comply with the tax rules.

BAS's
If you are registered for GST then you must complete a quarterly Business Activity Statement (BAS) after the end of each quarter, lodge it with the ATO and remit your GST collections to the ATO (you don’t get to keep them).

So simply put your business actually becomes a tax collector for the government, as the GST you collect on your sales, less the GST you paid on your purchases, has to be remitted to the government via the BAS.

This needs to be completed annually, quarterly or monthly, depending on the business reporting obligations.
It’s annually if you are not required by law to register for GST and quarterly if you are required to be registered for GST (you earn Gross Sales of $75,000 or more).

It’s a monthly requirement if you import goods and are required to be registered for GST by law.

It’s important to ensure you are declaring GST collected and GST paid accurately, as the ATO can use the BAS as an audit point.
To do this, you must choose the correct GST code when recording your business income and expense transactions.