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.

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 […]

Luxury car tax explained

You can judge whether a car is luxury or not, according to the government, if it costs more than $64,132 for 2016-17. It’s not an over-the-top s price tag if you’re considering true luxury, but it’s enough to cop an extra tax. So what do I need to know about the luxury car tax? 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 […]

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 […]

5 Tips to avoid common fuel tax credit mistakes

The Tax Office has issued advice regarding fuel tax credits after it noticed some errors creeping into recent activity statements — also reminding businesses that rates can change regularly (and have done so recently) and that this can be a common source of the mistakes being made. For those businesses eligible to claim fuel tax […]

How the Wine Equalisation Tax works

When the goods and services tax was introduced on to the Australian tax landscape in 2000, there was a lot of angst about the negative effect on the cost of living that this blanket 10% impost would have. A glimmer of consolation was that pulling a cork out of a wine bottle might hopefully be […]

Are you able to boost your GST credit claims?

The goods and services tax (GST) costs businesses money in two ways. The most obvious is the tax levied on a business’s goods and services, but there is a second, more subtle, cost — the professional fees, time and other administrative costs associated with GST. Most businesses focus on reducing the costs of complying with […]