Goods & Services Tax (GST)

What is GST

 

Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

 

Generally, businesses and other organisations registered for GST will:

 

  • include GST in the price they charge for their goods and services

 

  • claim credits for the GST included in the price of goods and services they buy for their business.

 

What you need to do for GST

 

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organisations) or you provide taxi travel – you need to:

 

  • register for GST

 

  • work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales

 

  • issue tax invoices for your taxable sales and obtain tax invoices for your business purchases

 

  • claim GST credits for GST included in the price of your business purchases

 

  • account for GST on either a cash or non-cash basis and put aside the GST you have collected so you can pay it to us when due

 

  • lodge activity statements or annual returns to report your sales and purchases, and pay GST to us or receive a GST refund.

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