Goods and services tax (GST) is a tax charged on the sale of most goods and services in Australia. It was introduced on 1 July 2000 and replaced sales tax. The GST rate is set at 10%. You must register for GST if both of the following apply to you:
if You are carrying on an enterprise-such as a business, not a hobby.
if Your GST turnover meets or exceeds the registration turnover threshold of $75,000 (or $150,000 for non-profit organizations).
You can choose to register for GST even if your GST turnover is below the registration turnover threshold. Additionally, you must register for GST if you provide taxi travel as part of your business, regardless of your GST turnover.
GST preparation is time consuming and confusing, that’s why our team at Focus Taxation and Accounting is more than happy to do it for you. Let our experienced accountants benefit your business by saving time and money. We prepare this statement regularly and eliminate errors before they end up in the hands of the tax department. Let us take the stress out of your business.
Currently Australian Taxation Office is committed to detecting and deterring cash economy activity by taking firm action against those who engage in cash economy. It is illegal to evade tax by participating in the cash economy and ATO is making it harder for dishonest operators to get away with it - making it fairer for everyone by collecting significant amounts of information from a number of external sources that they then compare to reported income and expenditure, both business and personal, to identify taxpayers who may be failing to report all their income.
The Australian Taxation Office has published more than 100 small business benchmarks. The benchmarks provide an opportunity for businesses to compare your performance against other similar businesses in the industry. They use the benchmarks to identify businesses for audit that may be avoiding their tax obligations by not reporting some or all of taxpayer’s income.
For further information you are most welcome to discuss this issue with us while preparing your tax returns.