Goods and Services Tax Sunshine Coast & North Lakes

For all businesses registered for GST, there are certain reporting obligations that you will need to meet. The ATO requires your Business Activity Statement (BAS) to be lodged quarterly if your GST turnover is less than $20 million or monthly if your GST turnover is greater than $20 million.

Total Business Partners can help your business lodge the correct BAS statements to report and pay for the GST collected, claim GST credits and come up with recommendations.

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

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What is GST?

As defined by the ATO, Goods and Services Tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. GST is not applicable to some products such as fresh (uncooked and unprocessed) fruit, vegetable and meat.

When a business sells a product or service that charges GST, that business collects the GST on behalf of the ATO. However, when a business buys a product or service, the GST paid is offset against the GST owed to the ATO.

A Business Activity Statement (BAS) allows your business to report GST and other taxes owed to the ATO. Lodging a BAS is compulsory for all businesses registered for GST.

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Who Pays GST?

GST is paid by the person or organisation that 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 they lodge their BAS.

When businesses purchase goods or services for business purposes, then the GST paid is offset against the amount that they owe the ATO.

Who should register for GST?

In Australia, it is mandatory for businesses with revenue over $75,000 per financial year to be registered for GST. However, there may be benefits to applying for GST even if yearly revenue is less than $75,000. That’s because if you are registered for GST, you are able to offset the GST cost for business expenses. Get in touch with Total Business Partners today to see if registering for GST is right for your business situation.

Why is it advisable to hire an accountant?

It’s easy to make mistakes when you’re doing your tax return, especially if you don’t do it every day and you are not up to date with the latest tax reporting information. There are penalties for making mistakes and that is why it is best to hire a professional.

Hiring an accountant means your BAS and tax returns will be completed in accordance with the latest laws and standards. They will also ensure that you are able to claim the deductions you are entitled to and that you do not pay more tax than necessary.

Why choose Total Business Partners for GST and taxation?

Total Business Partners have up-to-date knowledge of GST and taxation and will explain things in a way you’ll understand. We want to save you time and money.

Whether it’s business or personal taxation, Total Business Partners want to work alongside you to minimise your tax obligations.

Goods and Services Tax FAQs

What is the minimum turnover required for GST registration?

Whilst it is compulsory to register for GST once your turnover is greater than $75,000 per financial year, you can register for GST as soon as you have a business, even if you are losing money. If your business makes a loss, then you may be able to offset GST credits once your business is producing a profit in the next reporting period.

Just remember that once you register for GST, you need to start submitting your BAS (Business Activity Statements) to avoid any penalties.

Why do we pay GST?

GST is collected and distributed to the states and territories of Australia to pay for public services and infrastructure including hospitals, roads and public schools.

Do I need to charge GST?

You can only legally charge GST for your goods and services if your business is registered for GST. If not, the GST value on invoices/receipts will need to be $0. It is only compulsory to register for GST if your revenue is more than $75,000 per financial year. Nevertheless, you can start to offset the GST component of invoices/receipts if you have registered for GST.

Sunshine Coast Goods and Services Tax location

North Lakes Goods and Services Tax location

Take a look at some of the other services that we provide in Sunshine Coast to facilitate success

At Total Business Partners, we are driven by the success of our clients. We are Xero certified accountants, well-versed in structural business planning and financial management, and always look to provide the best standard of service. With this in mind, we have chosen to offer the following comprehensive services to help Sunshine Coast businesses thrive. We also provide services to the wider Brisbane region, including North Lakes.

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