Things One Should Know About GST

Australian Goods and Service Tax have been imposed on the trading of digital as well as physical goods that are consumed within Australia since 2001. In case you are present in the commercial sector and holds a gross income of about AUD $75,000 with no tax, then it is essential for you to register your business for GST. In case you own a business that is established outside Australia where you sell services and products to the Australian customers then it is important for you to gather and revoke Goods & Service Tax. Talking about GST, here are some essential points for one to be aware of…

  • It was imposed at a rate of 10% and should be paid by the customers (the one using the goods and the services).
  • GST is imposed and charged on whatever goods, items, and services that are being consumed by Australians.
  • There are certain types of goods and items that are free from GST.
  • While many real estate properties such as the commercial ones are subjected to GST, there are properties that are free from it such as those residential that is owned by your parents or a business space that is being sold as a part of an on-going venture.
  • Companies that buy goods or any services to utilize as a part of the item or service that is being supplied to the customer might obtain a refund of the GST that they paid.
  • Not all but only a few enterprises (those who earn greater than the amount of $75,000 as revenue) are needed to register their business for Goods & Services Tax.
  • Those who have their business registered for GST then they must have their Business Activity Statement completed quarterly.

There are plenty of more things that you will be intrigued to learn about…stay tuned with Joe Madrajat Blogs for more informative posts.

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