Know your obligations

October 13, 2021

Businesses have several obligations relating to GST
πŸ’° Register for GST – mandatory if the business meets turnover threashold.
πŸ’° Produce tax invoices containing required information. Ensure payments are made on receipt of tax invoices
πŸ’° Charge GST on taxable items. Be familiar with goods or services that are GST free or input taxed.
πŸ’° Correctly report GST periodically as required
πŸ’° Claim only the correct GST amount
πŸ’° 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