Goods and Services Tax North Lakes

There are certain reporting obligations that all GST-registered businesses must meet. The ATO requires you to file your Business Activity Statement (BAS) quarterly if your GST turnover is less than $20 million and monthly if your GST turnover is greater than $20 million.

Total Business Partners can assist your company in submitting the correct BAS statements to report and pay for the GST collected, claim GST credits, and make recommendations.

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

Request a Consultation

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.

Need Help?

Our friendly team is always ready to answer any questions you might have, click here to leave us a message.

Learn More about Goods and Services Tax

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 North Lakes.

If you’re a business owner in North Lakes, 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 North Lakes? Take a look below at some major factors to look out for to get the best advice possible.

Expertise: Comprehensive understanding of the Goods and Services Tax regulations and requirements.

Qualifications: Accreditation from relevant accounting and taxation authorities, as well as continued professional development.

Experience: Knowledge and experience of GST issues specific to various industries and sectors.

Communication: Clear and timely communication with clients regarding GST compliance and planning.

Costs: Transparent and competitive pricing for GST-related services, with no hidden fees or charges.

Mastering GST Compliance and Planning for Businesses in North Lakes.

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 North Lakes 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 is goods and services tax in Australia?

The Goods and Services Tax (GST) is a broad-based tax that applies to most goods and services sold or consumed in Australia. It was introduced on 1 July 2000 and is currently set at a rate of 10%. The GST is collected by businesses on behalf of the Australian government and must be remitted to the Australian Taxation Office (ATO) on a regular basis.

GST can be claimed back by businesses for any GST paid on purchases that relate to their business activities. The GST system is designed to be simple, efficient, and fair, and it helps to fund essential government services and infrastructure.

What is the minimum turnover needed for GST registration?

While it is mandatory to register for GST once your annual turnover exceeds $75,000, you can register for GST as soon as you start a business, even if you are losing money. If your company makes a loss, you may be able to offset GST credits once it turns a profit in the next reporting period.

Just keep in mind that once you’ve registered for GST, you must begin submitting your BAS (Business Activity Statements) to avoid penalties.

Why do we have to pay GST?

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

Do I need to charge GST?

Only if your business is registered for GST can you legally charge GST on your goods and services. Otherwise, the GST value on invoices/receipts must be $0. Registration for GST is only required if your revenue exceeds $75,000 per fiscal year. If you are registered for GST, you can begin to offset the GST component of invoices/receipts.

Do you have to pay GST if you earn under $75000?

If your business earns less than $75,000 in revenue, you may not have to register for GST. However, if you’re earning above this threshold, you’ll need to register for and pay GST. Registering for GST means that you’ll need to charge an extra 10% on top of your prices to customers, and you’ll need to pay that amount to the ATO.

While you may not have to register for GST if your revenue is below the threshold, there may still be advantages to doing so, such as being able to claim back the GST you pay on business expenses. It’s important to speak with 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 still choose to register for GST voluntarily, as it may enable them 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. It’s important to understand your GST obligations to avoid any potential penalties or fines. If you’re unsure about your GST requirements, seek advice from a qualified professional.

Can GST be refunded?

Yes, GST can be refunded in certain circumstances. For example, if a business paid GST on expenses that were incurred for making taxable supplies, and the business’s GST credits exceed the amount of GST they owe, they can claim a refund of the excess credits.

Additionally, if a business is registered for GST and exports goods or services, they may be eligible for a GST refund under the Export Market Development Grants (EMDG) scheme.

It’s important to note that there are specific requirements and deadlines that need to be met in order to claim a GST refund, so it’s recommended to seek advice from a qualified professional.

Does everyone get GST return?

Not everyone is eligible to receive a GST (Goods and Services Tax) return in Australia. Only businesses registered for GST and who have paid more GST than they have collected from sales can claim a GST refund. The amount of the refund will depend on the amount of GST paid during the relevant period, which can be claimed on a business activity statement (BAS).

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

Sunshine Coast Goods and Services Tax location

North Lakes Goods and Services Tax location

View our selection of additional services that we offer in North Lakes to promote success.

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 exceptional services are offered throughout North Lakes and the wider Brisbane region, plus, the beautiful Sunshine Coast.

Due Diligence on Business Purchase

Financial Planning

Goods and Services Tax

News & Articles on Taxation

Staying Compliant with Australian Tax Laws: Tips from a North Lakes Accountant

As a North Lakes business owner, complying with Australian tax laws is crucial to avoiding penalties and legal issues. However, with the complex tax system, [...]

Preparing for Tax Season: A North Lakes Business Owner’s Guide

Tax season can be a stressful time for North Lakes business owners, especially those who are not prepared. However, with the right preparation and organisation, [...]

Navigating Australian Payroll Taxes: What You Need to Know

As a North Lakes business owner, it’s important to understand the payroll tax obligations you have to comply with under Australian law. Payroll tax is [...]

Maximising Tax Deductions: A Guide for North Lakes Business Owners

As a North Lakes business owner, maximising your tax deductions is an essential part of running a successful business. By reducing your taxable income, you [...]

Navigating Tax Obligations: A North Lakes Business Owner’s Guide

As a North Lakes business owner, navigating tax obligations can be a daunting task. With various rules and regulations in place, it’s essential to understand [...]

Understanding GST: A Guide for North Lakes Business Owners

As a business owner in North Lakes, it’s important to understand the Goods and Services Tax (GST) and how it affects your business. GST is [...]

Top 10 Tax Deductions for Small Business Owners in North Lakes, QLD

Tax deductions are an essential aspect of running a small business. They allow business owners to reduce their taxable income and save money on their [...]

Tax Tips For Small Business Owners In 2022

As the end of the financial year approaches, your small business may be quickly trying to organise its finances and prepare your tax return. You [...]