If you are running a business in Australia and register for GST, you have to dedicate a certain amount of your earning. It will be in the form of broad-based tax, from the sale of goods and services, sold or consumed. Then, make payment to the Australian Taxation Office (ATO) on the due date. One manages this section of expense for Australian businesses by making a collection from the customers. You charge it on the purchase of a good or a service which is one-eleventh of the sale price. Depending on your business turnover, which is the gross business income, in the running year. Know more with Meru Accounting about GST in Australia.
Various auto-calculators facilitate for calculation of GST on the supply goods and services that are available in Australia. However, it is utmost essential to gather the factors that help to determine the GST levied on the price. In Australia, a tax of 10% is applied to a good or a service that is circulated in the business. Thus if your business is registered for GST, you need the price and the tax percentage to calculate the GST. It may be inclusive or exclusive, within the price of the goods and services. This calculation has a further advantage to claim the tax credit.
Who? When? and How? Are the three most prominent questions to prop in your mind while working on GST registration.
With an affordable and surety gap of 21 days from the time, you are able to identify that your business will be exceeding the threshold value for GST turnover. You can register for GST to be inclusive in the fees and also eligible to claim for GST credits.
You just have to use your Australian Business Number (ABN) which can be generated by filling an ABN application. This GST registration number will act as your point of contact to register online at Business Registration Service or contact the ATO for further guidance.
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