GST is a tax of 10% on most goods and services sold or consumed in Australia. Keep some money aside to pay any tax due on your grant.
If your corporation receives funding, you may be asked to provide a tax invoice to the funding body, which must include the GST amount. Sometimes the people providing the funding may give you a tax invoice that shows how much GST to pay.
In both cases, the amount of GST is usually 10% of the grant. You have to report these grants in your business activity statements (BAS) and pay the GST to us.
If you need help, phone us on 1300 130 248 or speak to a registered tax agent.
See also:If you receive a grant or funding to run your Aboriginal and Torres Strait Islander corporation, you may need to pay goods and services tax (GST).