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Whats the GST? AU

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Goods and Services Tax

Goods and services tax, often known as GST, is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. GST applies to most Australian businesses and it's highly likely that your business will be affected by the tax.

If your business is registered for GST, you'll have to collect some extra money (one-eleventh of the sale price) from your customers and pay it to the Australian Taxation Office (ATO) when it is due.

For more information visit  wikipedia.org/tax_deduction





Do I need to register for GST?

You must register for GST if:

1. Your business has a GST turnover of $75,000 or more
2. Your non-profit organisation has a turnover of $150,000+ per year
3. You provide taxi travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover. This rule applies to both taxi owner drivers and people who just rent a taxi.

As a business owner, it's your responsibility to register for GST if your turnover exceeds the $75 000 threshold or is likely to exceed it. The ATO advises that if you've just started a new business and expect it to earn $75 000 or more in its first year of operation, you should register for GST.

GST turnover is your business's gross income, not your business's profit. If your business doesn't fit into one of the above categories, you don't have to register for GST.

For more information visit ato.gov.au/.