The Goods and Services Tax is a tax of 10% that applies to most of the goods and services sold to Australian’s consumers. Businesses and organisations with a certain structure and turnover are required to register for the GST, which they then include in the price they charge to consumers for goods or services. If you are required to include GST in your prices, you are eligible to claim GST credits to offset the GST included in goods and services you purchase for your business.
The GST system contains some complex and time consuming registration, reporting, and credit-claiming procedures. Allow us, your accounting advisors and tax professionals, to take the hard work out of GST so you can focus on running your business.
Do I Need to Register for GST?
If you run an enterprise that generates a GST assessable turnover of $75,000 above, then you will need to register for the GST. For not-for-profit organisations, the turnover threshold is $150,000. You need an Australian Business Number (ABN) to register for the GST and claim any credits you are entitled to.
As registered tax agents, we can assist you in registering for the GST, as well as reporting your GST income and claiming GST credits.
Once you have registered for the GST, you will be required to report GST income and include relevant information in your Business Activity Statement, which will be due at certain intervals depending on the size and nature of your enterprise. BAS and other reporting requirements are among the most time consuming and difficult elements of the GST system, but these are easily managed with the appropriate tools, knowledge, and experience.
Once you have registered for the GST, you may be able to claim credits on the GST that you pay to other businesses, such as suppliers or service providers. These credits may allow you to claim the value of the GST your business pays as a refund from the ATO.
Our GST Services
As experienced accountants and registered tax agents, Kingston Knight works with small businesses, individuals, partnerships, companies, trusts, and superannuation funds to ensure that they meet the strict reporting and compliance requirements that apply under the GST system.
One of the most time and labor intensive components for those required to comply with the GST system is the Business Activity Statement (BAS) reporting requirement. Our cloud-based accounting software enables us to take the hard work out of BAS preparation and submission, whilst ensuring that the relevant data are compiled in perfect accordance with the prescribed requirements.
By ensuring that your reporting requirements are met with an efficient and personalized accounting service, you can get on with running your enterprise and doing what you do best.
Our GST Services Include:
• Assisting you in determining your GST obligations, and any adjustments to your business structure or procedures that may assist you in obtaining an optimal tax structure
• Assisting you with GST registration and reporting, including through the compilation and submission of your Business Activity Statement as required
• Assist you in identifying your GST expenditure and claiming any GST credits which you are eligible for.
Contact Kingston & Knight Accountants today on 1800 283 481 to learn more about our Melbourne accounting services, or email us at firstname.lastname@example.org.