Goods & Services Tax

5 Feb 2020

How Goods & Services Tax works.

posted in: Business |

GST is a 10% tax paid on most goods and services sold or consumed in Australia.

You must register for Goods & Services Tax if you:

run a business or enterprise that has a turnover of $75,000 or more per year
run a not-for-profit organisation that has a turnover of $150,000 or more per year
are a taxi or ride-sourcing driver.

If you aren’t registered for GST, check each month to see whether you’ve reached the registration turnover threshold, or are likely to reach it. If you do, you need to register for GST within 21 days.

If you are registered for GST you:

need to include GST in the price of your sales, unless they are GST-free or input-taxed
can claim credits for GST included in the price of goods and services you buy for your business or enterprise
can account for GST on either a cash or non-cash basis (the method you use will affect when you report and claim GST)
will need to lodge an activity statement to report and pay the GST you have collected and claim credits for the GST you have paid.

Click on the link below for more information on this subject or any other accounting and taxation matters.

You may also like:

Greg Taylor

Founder

Greg is a former Senior Detective with the New South Wales Police Force with 20 years policing and over 10 years accounting experience, Greg is able to provide clients with a wealth of knowledge and experience to ensure their business is in top shape.

Greg holds a Diploma of Accounting, Graduate Certificate in Management and a Graduate Certificate in Commerce. He is a Fellow of the National Tax & Accounting Association, a Registered Tax Agent.

Greg is also Xero and MYOB Certified and holds a Public Practice Certificate from the National Tax and Accountants Association.

During his career Greg has held Executive positions on the Orange Business Chamber and been a Director of the Business Enterprise Center in Orange. He has also held a number of board positions with the Rotary Club of Orange Daybreak and the Rotary Club of Oberon.

Alison Taylor

Practice Manager

Alison has over 25 years’ experience working in administration, with roles as Executive Secretary, Marketing Assistant and Personal Assistant. Alison has gained a Diploma of Business (Marketing) with Distinction from TAFE NSW and has recently been awarded XERO Certified Advisor status.

Alison has worked in a broad range of industries including engineering, retail, wholesale, medical and design.

Alison’s broad industry experience and in-depth business knowledge are an asset to both our team and our clients.

Chris Taylor

Senior Forensic Accountant

Chris Taylor has over 20 years commercial accounting experience within various organisations providing him with core competencies in the areas of; financial and management accounting, business valuations, business reconstruction, insolvency and fraud risk. Following his Bachelor of Economics degree in 1998 Chris earned his Master of Accountancy from the University of New England in 2000. In 2012 Chris was admitted to the degree of Master of Forensic Accounting from the University of Wollongong.

Chris has been an advocate in establishing fraud and internal controls as an integral component in managing the risk of fraud within the hospitality industry. Known as a forensic thinker, Chris has provided hotel/resort owners, managers and employees with expert counsel in the fields of forensic accounting and fraud risk management. Through a combination of expertise in accounting and economics he is also qualified to quantify economic damages.

Chris has acted on behalf of creditors in insolvency proceedings as Accountant and financial adviser; restructured businesses and debt to accommodate changed business circumstances; negotiated purchase and sale of businesses, and overhauled business processes to favorably impact clients' bottom line. Chris has conducted financial and corporate compliance investigations involving construction companies, building contractors, restaurants and hotels.

Chris is a member of the Association of Certified Fraud Examiners, Fellow of the Institute of Public
Accountants and holds an Accounting Public Practice Certificate.

Chris Tao

Senior Accountant

Chris is a qualified CPA with 10yrs + of professional experience in various positions as a Management Accountant, Business Analyst using extensive knowledge, expertise and skills in Reporting, Business Analysis and Accounting across Telecommunication, Hospitality and Accounting industry. he successfully provided assistance in all aspects of sales, business research, accountancy and business administration with demonstrated computer literacy and experience in using spreadsheets, word, power point and ERP to complete statistical data analysis. He has proven strong communication and interpersonal skills, communicated with confidence and sensitivity at all internal and external levels. He is also well known for meeting organizational objectives, proactive project management, analytical skills and potential to pick up organizational culture quickly.