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Gst guide Goods and Services Tax GST Knowledge What is GST The Goods Services Tax GST is formally and intentionally a consumption tax a tax on the ?nal consumption of a good or service It is created to be a tax on the ultimate end consumer and not a tax o

Goods and Services Tax GST Knowledge What is GST The Goods Services Tax GST is formally and intentionally a consumption tax a tax on the ?nal consumption of a good or service It is created to be a tax on the ultimate end consumer and not a tax on business However every transaction between businesses or from a business to a consumer has to be considered for GST The ?nal amount of tax is collected at every transaction along the way Every Business acts as a collection agent for the government in relation to GST From the initial raw supply of the base item through to the ?nal sale and consumption of the end product GST may have been paid and refunded many times between the respective businesses and the tax o ?ce Business must consider whether the right paperwork has been created Tax Invoices whether GST applies to charge or not to charge GST whether the transaction has to be reported the form whether GST can be refunded claiming credits and whether to get help SAMPLE - There ? s the law Key GST related obligations of the business are Registering for an ABN possibly GST - Producing valid Tax Invoices - Receiving valid Tax Invoices - Charging GST on the right items - Paying GST - Claiming only allowed GST Input Tax Credits This example is where GST is collected at every step CRegistering your Business for GST Every business for pro ?t not for pro ?t school hospital everybody doing business in Australia must register for GST when your actual or expected annual turnover exceeds If your organisation is a not-for-pro ?t then the turnover threshold increases to Any business may choose to register below these amounts You may be registered with an ABN but not register for GST however you cannot be registered for GST without an ABN You must be registered for GST in order to claim GST back from your purchases in order to charge GST to your customers and therefore you must be registered for GST to issue Tax Invoices The registration options When registering for the various tax systems a number of decisions must be made ? GST ? Cash reporting or Accrual reporting ? Monthly or Quarterly reporting ? Instalment amount or calculated ? PAYG Withholding Monthly or Quarterly reporting ? FBT instalment paying or not ? PAYG Instalments Amount or rate or GDP method ? Does WET or Fuel Tax apply None of these decisions a ?ect the bookkeeping procedures they do e ?ect the way the BAS is completed and timing of when payments are made Depending on your role and responsibilities you should have an understanding of ea ch of these registration details to ensure you are prepared to meet the reporting and payment obligations for an ABN Every business in Australia must have an Australian Business Number ABN Without an ABN your customers MUST deduct from any payment to you as a tax withholding this withholding which