Businesses have several obligations relating to GST
💰 Register for GST – mandatory if the business meets turnover threashold.
💰 Produce tax invoices containing required information. Ensure payments are made on receipt of tax invoices
💰 Charge GST on taxable items. Be familiar with goods or services that are GST free or input taxed.
💰 Correctly report GST periodically as required
💰 Claim only the correct GST amount
💰 Pay correct GST amount to the ATO.
Although this sounds super simple, there is a lot of detail that goes with each obligation. If you are unsure of your obligations, it is best to learn the rules and requirements or get help.
Incorrectly transacting, reporting and paying GST can cost your business financially as well as damage reputation.
If you like to know the rules and processes relating to GST contact us on 07 3279 0886