According to ATO guidelines, every business with an annual turnover of over $75,000 must be registered for GST. What exactly happens is that when you sell your products and services, you are actually collecting the GST on behalf of the government. On the other hand, a business pays GST when purchasing products and services to be used in your business. The BAS is an official report that records your net GST position.
For businesses with a turnover of less than $75,000, registering for GST is optional. If a business isn’t registered for GST, then they can’t offset the GST on the products and services that they purchase for their business use. Once you have passed the turnover threshold, you must register within 21 days. The current rate of GST is 10%.
Services provided by Kirpatax, Our Accounting firm in Australia, are as follows:
- GST Registration
- GST Cancellation
- GST Return filing for all the four Quarters
- GST Refund (Claiming a GST Credit)
- CTR (Company Tax Return)
We have a range of options to suit your needs in office, over the phone and online. Kirpa tax offers services to small business clients including BAS (Business Activity Statement) and accounting services.
Our highly trained professionals help you with all the legal formalities and registration process. Our Experts are never far away (contact via mail/phone).