GST As It Affects SMEs
Alan Lewis Accountants are pleased to provide you with a free paper titled GST As It Affects SMEs from our Introduction to GST series.
Download Paper 20.02 GST As It Affects SMEs.
GST is imposed on virtually all goods and services. This paper considers a wide range of GST issues from a small/medium enterprise perspective from:
- What is GST?
- Registration
- Explanation of how the system operates
- Reporting requirements; to
- Government assistance
The paper covers the following points:
- GST Defined
- Commencement Date
- GST Rate
- GST Scheme
- Registration Packages – The New Tax System
- Questions Asked In The New Tax System Registration Package
- Australian Business Number
- Registration For GST – The New Tax System
- Groups And Branches
- Option Of Not Registering For GST
- Taxable Activity
- Exclusions (“GST Free Supplies” Goods And Services)
- Food – GST Free Unless …..
- Food That Is Not GST Free
- Medical And Health Services That Are Free Of GST
- Education Services That Are Free Of GST
- First Home Buyers Compensation
- GST Free Activities
- Input Taxed Supplies/Activities (Exempt Supplies And Goods)
- Input Taxed
- Input Tax Credit
- Creditable Purpose
- Output Tax
- GST Payable
- Business Activity Statement For GST With $20m Plus Sales
- Business Activity Statement For GST With Sales Under $20m
- Turnover Level “Cash” Or “Accruals” Basis
- Second Hand Goods
- Importers
- Displayed Prices
- Refunds Of GST
- Tax Invoices
- Invoice Without An Australian Business Number
- Recipient Created Tax Invoice
- Adjusting Prices For Indirect Tax/Cost Reductions
- Australian Competition And Consumer Commission (ACCC)
- Unregistered Business (Without Australian Business Number Or GST Registration)
- Statement By A Supplier
- Business With Australian Business Number – But Not Registered For GST
- Key GST Dates
- Contracts Prior To 2nd December 1998 – Transitional Arrangements
- Contracts Signed After 2nd December 1998 – Transitional Arrangements
- Fees And Charges Straddling 1st July 2000
- Adjustments
- Adjustment Note
- Government Assistance
- GST Vouchers
- Insurance
- Change in Treatment of Insurance
- ATO Field Officers
- Accounting Records For GST
- GST Control Accounts
- Sales And Cashflow Impact
Download Paper 20.02 GST As It Affects SMEs.
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