GST.... well I know how to spell it

Posted: 1 Mar '21

GST seems to confuse some business owners but is quite straightforward. If your turnover hits $75k (without GST), you need to register. From then on 1/11th of all sales you make are to be paid to the ATO less 1/11th of all payments you make to GST registered suppliers. You will have to pay this balance to the ATO on a monthly or quarterly basis. It’s really important to put money aside to cover this debt. Sometimes it makes it easier to think of the money as never yours. You are just a worker bee for the ATO collecting their honey. It’s also important that you keep good records of your purchases. Here at JOG, we like to automate this process but so long as you keep the receipts, you are golden. Not everything has GST added and not every supplier is registered for GST. Therefore, you must make sure you only claim the GST that is stated on the supplier tax invoice. You really don’t want to fail a GST audit. Alternatively, if it all sounds too hard, give JOG Consulting a call and we can set you right. Relax, we’ve got this!

More News

View All View All

Being a successful gardener

I grew a pineapple and it has made me so proud

You need a plan, Stan!

Even solos need to plan what's next for their business. But planning is more fun with a friend

Numbers with heart

Celebrating finance professionals who are giving back to the community