Getting your GST right
To watch the video of this transcript, refer to GST video tips
End of attention
Alright, so GST’s been around for a while, but gee it’s important to get right.
As we know, it’s a 10% tax on most goods and services that is generally included in the price of sales. Businesses collect the tax, and then offset what they owe the ATO with credits for the GST paid on purchases.
Here are a few friendly reminders
If your business’s current or projected GST turnover is $75,000 or more for any 12-month period, it must be registered for GST within 21 days. This is important and easily done online.
From there, make sure all invoices you are given are tax invoices where necessary, especially as these are required to claim credits for all purchases over $82.50. And keep these receipts for five years, that’s the rule.
Finally, lodge and pay on time to avoid penalties, even if you don’t have any tax to report. And if you’re in a tight spot, make sure you contact the ATO to discuss payment options.
Get this right and you’ll have more time to spend growing your business.