GST (Goods and Services Tax)
SBA WERRIBEE - GST (Goods and Services Tax)
Goods and services tax, often known as GST, is collected by registered businesses. GST is a tax on most goods and services sold or consumed in Australia.
If your business is registered for GST, you will have to collect some extra money (one-eleventh of the sale price) from your customers and pay it to the Australian Taxation Office (ATO) when it is due and lodge BAS (Business Activity Statement).
GST applies to most businesses across Australia and it’s highly likely that your business will be affected by the tax.
Where annual turnover is less than $20 million, you can lodge your Business Activity Statement monthly or quarterly. However, if your annual turnover is $20 million or more, you must lodge your Business Activity Statement and make payments electronically every month.
You must register for GST if:
• your business has a GST turnover of $75 000 or more
• your non-profit organisation has a turnover of $150 000 per year or more
• you provide taxi travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover. This rule applies to both taxi owner drivers and people who just rent a taxi.
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