If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations), or you provide taxi travel (including ride-sourcing) – you need to:
- register for GST
- work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales
- issue tax invoices for your taxable sales and obtain tax invoices for your business purchases
- claim GST credits for GST included in the price of your business purchases
- account for GST on either a cash or non-cash basis and put aside the GST you collected so you can pay it to us when due
- lodge activity statements or annual returns to report your sales and purchases, and pay GST to us or receive a GST refund.
As a part of our GST services, Jack Salem & Associates will also ensure that your business is receiving the full amount of GST credits owing from the ATO and ensure that your GST compliance is up to date and any obligations have been met. Contact our friendly team today.