Goods and Services Tax Brisbane

To fulfil the reporting obligations for GST-registered businesses, certain requirements must be met. If your GST turnover is less than $20 million, you need to submit your Business Activity Statement (BAS) quarterly. For a GST turnover greater than $20 million, monthly filing is required.

At Total Business Partners, we can assist your company in accurately completing BAS statements for reporting and payment of GST collected, claiming GST credits, and providing recommendations.

Please visit our pages for goods and services tax in Sunshine Coast, North Lakes and Redcliffe.

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What is GST?

According to the ATO, the Goods and Services Tax (GST) is a 10% tax on most goods, services, and other items sold or consumed in Australia. Some products, such as fresh (uncooked and unprocessed) fruit, vegetables, and meat, are exempt from GST.

When a company sells a product or service that requires GST, the company collects the tax on behalf of the ATO. When a business purchases a product or service, the GST paid is deducted from the GST owed to the ATO.

A Business Activity Statement (BAS) is a form that allows your company to report GST and other taxes owed to the ATO. All GST-registered businesses are required to file a BAS.

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Who Pays GST?

The person or organisation that purchases a product or service is responsible for paying GST. The business that sold the product or service collects the GST, and it is their responsibility to pay the GST directly to the ATO once their BAS is filed.

When a business purchases goods or services for business purposes, the GST paid is deducted from the amount owed to the ATO.

Who should register for GST?

In Australia, businesses with more than $75,000 in revenue per fiscal year must register for GST. However, even if your annual revenue is less than $75,000, you may benefit from applying for GST. This is because if you are registered for GST, you can deduct the GST cost from your business expenses. Contact Total Business Partners today to find out if registering for GST is right for your company.

Why should you hire an accountant?

When filing your tax return, it’s easy to make mistakes, especially if you don’t do it every day and aren’t up to date on the latest tax reporting information. Making mistakes has consequences, which is why it is best to hire a professional.

Hiring an accountant ensures that your BAS and tax returns are completed in accordance with current laws and standards. They will also ensure that you are able to claim all applicable deductions and that you do not pay more tax than necessary.

Why should you work with Total Business Partners for GST and taxation?

Total Business Partners has current knowledge of GST and taxation and will explain things to you in a way that you will understand. We want to help you save time and money.

Total Business Partners wants to work with you to minimise your tax obligations, whether they are business or personal.

How to get professional help with Goods and Services Tax in Brisbane.

If you’re a business owner in Brisbane, it’s essential to comply with the Goods and Services Tax (GST) regulations. However, understanding and managing GST can be a complex and time-consuming task. That’s where professional accountants come in. They can help you maintain accurate records, comply with GST regulations, and minimize your GST liability. But how do you find the best service for GST in Brisbane? Take a look below at some major factors to look out for to get the best advice possible.

Skills: A thorough grasp of GST regulations and prerequisites.

Credentials: Accreditation from appropriate accounting and taxation bodies, accompanied by ongoing professional growth.

Expertise: Proficiency in addressing GST concerns pertaining to different industries and sectors.

Communication: Concise and prompt communication regarding GST compliance and strategizing.

Expenses: Transparent and competitive pricing for services related to GST, devoid of concealed fees or charges.

Mastering GST Compliance and Planning for Businesses in Brisbane.

In Australia, Goods and Services Tax (GST) compliance is a crucial aspect of running a business. Not only can non-compliance result in hefty penalties, but it can also damage a company’s reputation. Total Business Partners is committed to helping businesses in Brisbane navigate the complex GST regulations and minimise their tax liability. Our team of experienced accountants offers a range of GST-related services, including compliance, planning, audits, and industry-specific guidance.

With our expertise and guidance, businesses can ensure they are fully compliant with GST regulations and minimise their tax liabilities, allowing them to focus on what they do best – running and growing their business.

GST Compliance

Ensuring compliance with Goods and Services Tax (GST) regulations is crucial for any business. Non-compliance can lead to penalties, fines, and even legal action. Our team of professional accountants can guide you on how to maintain accurate records, file GST returns, and comply with GST regulations.

GST Planning

Effective GST planning can help businesses minimise their GST liability and increase their cash flow. Our experts can provide guidance on tax-efficient invoicing, claiming GST credits, and managing GST payments to optimise your GST planning.

GST Audits and Disputes

Preparing for a GST audit can be challenging, and disputes with the Australian Taxation Office (ATO) can be complicated. Our experienced team can assist you in preparing for a GST audit and represent you in case of any disputes with the ATO regarding GST.

Industry-Specific GST Issues

Different industries have unique GST issues, and compliance with GST regulations can be challenging. Our team has experience in various industries and can guide you on managing industry-specific GST issues and complying with GST regulations specific to each industry.

Goods and Services Tax FAQs

What does GST stand for in Australia?

The Goods and Services Tax (GST) is a tax applied to most goods and services sold or consumed in Australia. It was implemented on 1 July 2000 and currently has a rate of 10%. Businesses collect GST on behalf of the Australian government and must regularly remit it to the Australian Taxation Office (ATO).

Businesses can claim back GST paid on purchases related to their business activities. The GST system aims to be simple, efficient, and fair, and it contributes to funding government services and infrastructure.

What is the minimum turnover required for GST registration?

Registering for GST is mandatory when your annual turnover exceeds $75,000. However, you can register for GST when starting a business, even if it’s not yet profitable. If your business incurs a loss, you can offset GST credits when it becomes profitable in the next reporting period.

Keep in mind that once registered for GST, you must submit Business Activity Statements (BAS) to avoid penalties.

Why is GST payment required?

GST is collected to fund public services and infrastructure in Australia, such as hospitals, roads, and public schools. The collected GST is distributed to the states and territories.

Do I need to charge GST?

Charging GST on goods and services is only legal if your business is registered for GST. If not registered, the GST value on invoices/receipts must be $0. GST registration is required when your revenue exceeds $75,000 per fiscal year. Registered businesses can offset the GST component on invoices/receipts.

Is GST payment required for revenue under $75,000?

If your business earns less than $75,000 in revenue, you may not need to register for GST. However, if your revenue exceeds this threshold, you must register for and pay GST. Registering for GST means charging an additional 10% on prices and paying that amount to the ATO.

Although registration may not be mandatory, there can still be advantages, such as claiming back GST paid on business expenses. Consult a tax professional to determine what’s best for your business.

Who has to pay GST in Australia?

In Australia, businesses with an annual turnover of $75,000 or more must register for and pay Goods and Services Tax (GST) to the Australian Taxation Office (ATO). Some businesses with a turnover under $75,000 may choose to register voluntarily to claim input tax credits on eligible business expenses.

Certain goods and services are exempt from GST, such as basic food items, health services, and exports. Understand your GST obligations to avoid penalties or fines. Seek advice from a qualified professional if unsure.

Can GST be refunded?

Yes, GST can be refunded in specific circumstances. For example, if a business paid more GST on expenses for taxable supplies than the amount owed, they can claim a refund of the excess credits.

Businesses registered for GST that export goods or services may also be eligible for a GST refund under the Export Market Development Grants (EMDG) scheme.

Note that specific requirements and deadlines must be met to claim a GST refund. Consult a qualified professional for guidance.

Does everyone receive a GST return?

Not everyone is eligible for a GST (Goods and Services Tax) return in Australia. Only businesses registered for GST that have paid more GST than collected from sales can claim a refund. The refund amount depends on the GST paid during the relevant period, claimed through a Business Activity Statement (BAS).

If a business collected more GST than paid, they have a GST liability and must pay the difference to the Australian Taxation Office (ATO) when submitting their BAS.

Sunshine Coast Goods and Services Tax location

North Lakes Goods and Services Tax location

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At Total Business Partners, our motivation comes from seeing our clients succeed. We strive to deliver the highest level of service and are Xero certified accountants with expertise in structural business planning and financial management. Our comprehensive services are offered throughout Brisbane, including North Lakes, as well as across the Sunshine Coast.

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