Goods and Services Tax Redcliffe

All GST-registered businesses must meet certain reporting requirements. If your GST turnover is less than $20 million, the ATO requires you to file your Business Activity Statement (BAS) quarterly, and monthly if your GST turnover is greater than $20 million.

Total Business Partners can help your company submit the proper BAS statements to report and pay the GST collected, claim GST credits, and make recommendations.

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

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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. Fresh (uncooked and unprocessed) fruit and vegetables, as well as meat, are exempt from GST.

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

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

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Who is liable to pay GST?

GST is payable by the person or organisation who purchases a product or service. The GST is collected by the business that sold the product or service, and it is their responsibility to pay the GST directly to the ATO once their BAS is filed.

When a company buys a product or service for business use, the GST paid is deducted from the amount owed to the ATO.

Who is required to register for GST?

Businesses in Australia with more than $75,000 in revenue per fiscal year must register for GST. Even if your annual revenue is less than $75,000, applying for GST may benefit you. This is due to the fact that if you are GST registered, you can deduct the GST cost from your business expenses. To find out if registering for GST is right for your business, contact Total Business Partners today.

Why should you work with an accountant?

It’s easy to make mistakes when filing your tax return, 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 comply with current laws and standards. They will also make certain that you can claim all applicable deductions and do not pay more tax than necessary.

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

Total Business Partners is up to date on GST and taxation and will explain things to you in plain English. We want to save you time and money.

Total Business Partners wants to work with you to reduce your tax obligations, both business and personal.

Goods and Services Tax FAQs

What is the required minimum turnover for GST registration?

While registration for GST is required 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 business suffers a loss, you may be able to offset GST credits once it returns to profitability in the following reporting period.

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

Why are we required to pay GST?

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

Do I need to charge GST?

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

Sunshine Coast Goods and Services Tax location

North Lakes Goods and Services location

Take a look at some of the additional services we offer in Redcliffe 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 professional services are provided throughout Redcliffe and the wider Brisbane region including North Lakes, as well as across the Sunshine Coast.

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