The GST system is a complex and confusing one. Consequently Plus 1 Group ensures our team remains up to date with any changes, enabling us to offer you accurate advice.
Every transaction now has an associated GST issue. We are experienced in these issues and can provide a range of client-specific services including specialised advice to help clients understand the complexities of GST. The types of services we offer include, but are not limited to:
- Private Ruling Requests from the ATO to confirm GST treatment
- Special treatment of GST for Developers, in particular the use of the Margin Scheme
- Practical and clear recommendations to resolve specific GST issues
- Advice on registering for GST
- De-registering or ceasing business
- Preparing and adjusting GST returns
- ATO audit assistance
- Entities that are running an enterprise with an annual turnover of $75,000 or more, or $150,000 or more for non-profit organisations, must register for GST.
- Entities that are below these thresholds can also register for GST, however if they do the registration must continue for a period of 12 months.
- If you are not registered for GST, you cannot include GST on anything that you sell or provide, in the ordinary course of business. Nor are you able to claim any GST credits back that you may have paid for goods and services used in your business.
- The reporting period for GST can be quarterly (30 September, 31 December, 31 March and 30 June) or monthly (with the periods ending on the last day of each calendar month).
- Entities with an annual turnover of greater than $20 million are required to lodge their activity statements on a monthly basis.
- For entities with turnover of less than $20 million, generally have quarterly reporting periods, however can elect to have monthly reporting
For more information please visit the GST guide for small business or give one of our friendly staff a call today.