GST and Other Registrations

ABNs, GST, PAYG, LCT, BAS..... there seems no end to the acronyms (and compliance obligations) of small business these days.

Here you'll find information about the Goods & Services Tax, Australian Business Numbers, Pay as You Go Withholding, Luxury Car Tax, Fuel Tax Credits and dealing with your Business Activity Statements.

Common errors with fuel tax credits, and how to avoid them

Fuel tax credit rates are updated every year (generally on 1 February, but for 2018 they changed on 5 February). It is therefore a timely that the ATO has made public some common errors that taxpayers make when calculating and claiming fuel tax credits. The tips that follow will help taxpayers avoid these errors, or […]

What you need to know about the luxury car tax

You can judge whether a car is luxury or not, according to the government, if it costs more than $65,094 for 2017-18 (and $75.526 for “fuel-efficient” cars). It was $64,132 for 2016-17 (with an unchanged fuel-efficient option). It’s not an over-the-top price tag if you’re considering true “luxury”, but it’s enough to cop an extra […]

GST and the buying or selling of real estate premises

Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST system. One way to explain the relevant considerations is through an example: Alan, a sole […]

Selling up? Don’t forget the “going concern” GST exemption

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The […]

Correcting GST errors and making adjustments on your BAS

If you identify a goods and services tax (GST) error for a previous period or on an already lodged business activity statement (BAS), there is always scope to make a correction. The ATO has realised that it is necessary for businesses to be able to make these adjustments, which can easily come about because of […]

Does your business need an ABN?

It’s not mandatory for a business to have an Australian business number (ABN), but there are a few good reasons why you should. Foremost among them will be that without one, your business will probably feel a whole lot poorer than it should. Other businesses that deal with you are legally bound to withhold tax […]

Booster strategy for your GST credit claims

Businesses are required to deal with the goods and services tax (GST) in various ways — from charging customers 10% and paying the Tax Office the tax collected, to claiming GST on purchases. While most businesses would typically be entitled to claim GST credits on their purchases, there are some instances where credits cannot be […]

Yes, you can claim GST credits for employee reimbursements

If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses. If you are running a business, you will be entitled to a GST credit for an […]

Vendor guide on GST treatment of residential premises

It is typical for people to consider stamp duty, land tax and income tax implications when they sell a property, but remember that it is equally important to consider whether the transaction will be subject to goods and services tax (GST). One important thing to remember is that there is now a single test that […]

Tax guide on the National Disability Insurance Scheme

The National Disability Insurance Scheme (NDIS) came into effect on July 1, 2013.  Under the new system, disability support will be provided to eligible participants or their representatives on their behalf. The income tax and GST implications should not be overlooked.  If you are a supplier of disability support to participants, have you considered whether […]