GST Registration

THIS KNOWLEDGE CAN SAVE YOU THOUSANDS OF DOLLARS

GST stands for Goods and Services Tax and is on most goods and services provided in Australia. Most people are aware of this tax, however there are some complex laws surrounding it for small businesses, as registration will depend on your turnover and other factors.  Once registered for GST, certain changes will affect your business, and will be applicable to certain items or services that you sell.  These changes need to be reflected in your invoicing, and there are laws governing the declaration of the tax.  As an example, see the Australian Tax Office’s guide to GST Free goods and services.  Ensuring your pricing structure accommodates the correct tax rate is essential to managing your profit margins and tax planning, as is understanding the GST refunds you are entitled to.  When registering for GST, the best thing to do is speak to a registered BAS Agent or Tax Accountant and make sure you are aware of the implications of GST registration.  We can help you register with the ATO and get started.  You will then need to decide whether you are going to attempt to do your BAS returns yourself or whether you will have a BAS Agent (the cheaper option) or a Tax Accountant lodge them for you.  We always recommend that a BAS Agent lodges BAS reports because they are trained at a high level and have an understanding of ATO compliance. This knowledge can save you thousands of dollars in interest penalties and fines for incorrectly lodged BAS Statements.  If you choose to process the BAS yourself, we highly recommend that you book in for some training for account keeping and BAS preparation with us, and consider having Helpdesk support for when you get stuck.

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