Tax Agent Perth
Goods and service tax (GST) is a wide-based 105 tax on many goods, services, and items sold and consumed in Australia. Some items do not have GST included; these are called GST-free sales.
One needs to register for GST if:
Read More:- Trust Tax Return: Everything You Need To Know About It
If an individual has started a new business, they need to register if they expect the GST turnover to reach $75,000 in the first business year. One also needs to register for GST within 21 days of knowing that the GST turnover will cross the threshold. It is advisable to check every month to ensure one is not going over the limit. Business people can consult a tax agent in Perth for help while registering GST.
If the GST turnover is less than the $75,000 threshold, one could register for GST. But if they do, despite the turnover, they must:
If a business owner is registered for GST, the invoice one issues to the customer must be a tax invoice. Tax invoices are not the same as regular invoices, and they include the GST amount for every item and other details. For customers to claim their full GST credits, they need to make sure tax invoices are formatted properly.
If the GST turnover is under $75,000 and the business did not register for GST, then GST is not included in the price. Any invoices provided by the business have to show that GST is not included. One also cannot claim a GST tax return for business purchases.
One can report or pay GST amounts and claim GST credits by lodging BAS (business activity statement) or an annual GST return. The Taxation office issues business activity statements about two weeks before the reporting period ends. GST statements are issued every three months.
The GST reporting and payment cycle can be one of the following-
Depending on circumstances, one can change their cycle to report and pay GST. This could happen if the GST turnover changes or one chooses to report and pay using another cycle.
If one elects to change the cycle early in the lodgement period, for instance, in the first month of the quarter or at the beginning of the financial year, one can start the cycle immediately.
One needs to change the net GST liability from time to time for a reporting period. An individual might need to change business activity statement when:
Read More:- Hire A BAS Agent Perth To Reduce Your Business Stress
Adjustments are needed where subsequent events indicate that the GST is payable or credit attributed in a former tax period is incorrect. One could consult a GST tax agent before making adjustments.
But one would need to make adjustments if:
One needs to issue an adjustment note to the purchaser if they make a taxable sale and the sale price is changed unless the adjustment amount is $75 or less. In addition, one needs to issue a third-party adjustment note if a third-party payment is made unless the adjustment is under $75 or less.
One needs to issue an adjustment note 28 days before one of the following:
GST is very important for any business, and people in business who do not have sufficient knowledge regarding the taxation system could look for tax return agents in Perth. Due to their experience, they can help an owner know when they need to register for GST and guarantee maximum GST return for their business. One can associate with Tax Agent Perth to obtain the services of GST return tax agents. These agents can help facilitate GST for the business and explain the rules and regulations related to this tax.