Goods and Services Tax (GST)
Is GST causing more than 10% of your yearly stress? Fortunately for you and your business, you don’t have to do it all on your own. Here at LLB Accountants and Auditors, we provide GST consultation and advisory services to businesses from a range of industries, helping them complete their financial obligations properly and timely. We understand that, to a non-professional, matters related to goods and service tax in Australia can be quite confusing, which is why we wish to take it upon ourselves to complete them. Choose LLB Accounts and Auditors as your financial services provider and never worry about correctly filling out the necessary paperwork.
How LLB Accountants can help
We have almost a decade of experience in delivering accounting services in Sydney. Over the years, we have helped small, medium-sized businesses and larger companies handle their finances with the utmost attention to details. Let us handle your GST obligations, save energy and earn more time and money by leaving such complex matters to a professional team.
What makes us the go-to goods and services tax advisors is our commitment to each client, no matter how big or small the business they run may be. We take the time to get to know our clients, their businesses, and their specific needs so that our solutions would yield the most optimal results.
In addition to our goods and service tax consulting, we offer a variety of accounting, bookkeeping and business advisory services so that you can satisfy all your financial needs in one place. And when you hire Lin, Leo and Beak, you can rest assured that we are in it for the long haul and at all times – be it that you need our help on a monthly, quarterly or annual basis.
Rely on Lin, Leo and Beak
Are your GST obligations getting too hard? We can help! Please contact us now on 1300 000 552 for a consultation so we can simplify your tax obligations.
How much is GST in Australia?
In Australia Goods and Services Tax (GST) is 10% on most services and products sold or consumed.
How does GST work in Australia?
As of 2021, the GST rate is 10%, for example if you are charging $100 on a product or service, the final total will be $110. The extra $10 (10%) will be used to pay the Australian Taxation Office (ATO) when you lodge your Business Activity Statement (BAS).
How often do I need to report my GST?
|Turnover||How often you have to report your GST|
|less than $20 million||quarterly|
|more than $20 million||monthly|
|less than $75,000/Voluntarily registered for GST||annually|
|less than $150,000 (not-for-profit organisation)||annually|
When does my business need to register for GST?
You will need to register for GST if you’re
- an Australian business with an annual turnover of $75,000 or more
- a not-for-profit organisation with an annual turnover of $150,000 or more
- an international business/retailer with an annual total Australian sale of $75,000 or more
- a taxi driver or ride-sharing driver (Uber, Ola, Di Di, GoCatch) regardless of how much you earn
- a business that wants to claim fuel tax credits
|Australian business||$75,000 or more|
|Not-for-profit organisation||$150,000 or more|
|International retailer||$75,000 (Australian sales) or more|
|Taxi driver/ride share driver||All must register for GST|
How can I report on my GST?
In order to report GST, you will need to lodge a BAS. In your BAS you report on all the GST that you collected and the GST that you’ve paid for business expenses (credits). If you deduct the credits from the GST collected, this will be how much is payable to the ATO or refunded back to you. LLB Accountants are available to lodge your BAS, contact our friendly team on 1300 000 552 for any enquiries and bookings today.
In Australia what items are exempt from GST?
Some products and services that are exempt from GST include:
- Basic food
- Menstrual pads, cups, liners and underwear
- Cars for people with disabilities given that the conditions are met
- Child care
- Water, sewage and drainage
To learn more about GST-free items check out the ATO website.
Can I claim back GST on business purchases?
If your business is registered for GST, you can claim back the GST you paid on business expenses in your BAS. You are also able to claim GST back when a customer leaves you with a bad debt. Our Sydney BAS agents can help you claim back GST so you don’t have to stress.