To determine the GST status of a food or beverage, it's important to initially establish whether it falls within the definition of 'food' as outlined by GST regulations. According to GST law, the...
GST on Food
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GST Articles
GST and Cars
In this article What is a Motor Vehicle for GST purposes Non-Car Vehicles GST Implications of Buying a Motor Vehicle GST Implications of Disposing of a Motor Vehicle Types of Methods to Calculate...
Financial Supplies
If you engage in financial supplies, it is important that you actively report relevant information about these transactions on your Business Activity Statement (BAS). This reporting includes...
GST on Exports
For exports, the Goods and Services Tax (GST) in Australia works differently. GST is a 10% tax applied to most goods, services, and other items sold or consumed within the country (the indirect tax...
GST on Imports
GST (Goods and Services Tax) applies to most goods imported into Australia, making them taxable importations. Businesses, organizations, and private individuals must pay GST on taxable importations,...
GST Withholding
Relatively new rules require buyers of new residential premises or potential new residential land to pay the GST owing on the purchase directly to the ATO (rather than to the seller) as part of the...
GST Accounting Methods
When it comes to accounting for GST (goods and services tax), there are two options: cash basis and non cash basis (accruals). The choice of method impacts the timing of GST reporting. If your...
BAS
Your BAS, or Business Activity Statement, is a necessary requirement for businesses registered for GST (Goods and Services Tax) in Australia. It is a form that enables you to report and submit...
GST Adjustment
A GST adjustment is necessary when certain events, called "adjustment events," take place, leading to changes in the amount of Goods and Services Tax (GST) you either owe or can claim as credit....
BAS
Your BAS, or Business Activity Statement, is a necessary requirement for businesses registered for GST (Goods and Services Tax) in Australia. It is a form that enables you to report and submit payments for various taxes. With the BAS, you can report and pay: Goods and...
GST Adjustment
A GST adjustment is necessary when certain events, called "adjustment events," take place, leading to changes in the amount of Goods and Services Tax (GST) you either owe or can claim as credit. These adjustment events can occur during the sale or purchase of goods or...
GST Reporting
Reporting and paying Goods and Services Tax (GST) is determined by your GST turnover and will fall under one of three cycles: Monthly Cycle: If your GST turnover is $20 million or more, you must report and pay GST on a monthly basis. Quarterly Cycle: If your GST...
Tax Invoice
When conducting business in Australia, it is essential to understand the requirements for providing tax invoices to customers. A tax invoice is a document that outlines the details of a taxable sale and includes specific information depending on the sale amount, sale...
Input Tax Credit
You can claim GST credits for the Goods and Services Tax (GST) included in the prices of goods and services you purchase for your business. This credit, also known as an input tax credit, allows you to reduce your GST liability. To make these claims on your Business...
GST Registration
Registration for Goods and Services Tax (GST) in Australia is not mandatory for all businesses or enterprises. However, failing to register when required can lead to penalties.The following information outlines the circumstances under which GST registration is...
GST Free Sales
IN THIS ARTICLE Main GST free products and services Exports of goods Other exports Sale of a business as a going concern Cars, car parts and leasing Main GST free products and services Most basic foods, some education courses and some medical, health and care...
Taxable Supplies
Find out when your business sales are taxable and you include GST in the price. IN THIS ARTICLE About taxable supplies Paying GST on taxable supplies Partly taxable supplies Capital assets Sales for payment Sales while operating your business Sales connected...
GST on income-generating content
There is applicable GST on income-generating content. So if you start making money from your online content, you will have income to declare your income. You will also need to consider whether you are in business. If you are, or you want to start your own business,...
GST Property Traps
Before talking about the different GST property traps, let us first look into the issue of liability. The first issue to be resolved with any sale of real estate is whether there is a GST liability. If there is, and none is collected from the purchaser and remitted to...