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    Business: Goods & Services Tax (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.

    If you are a business, you use a BAS to:

    • Report and pay the GST your business has collected
    • Claim GST credits


    How GST Works

    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 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.


    Source: https://www.ato.gov.au/Business/GST/How-GST-works/

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