Not all businesses are required to register for GST, so you must do so if your revenue or turnover exceeds $75,000 per year. Depending on how you're registered, you'll need to file a business activity statement, or BAS, either quarterly or monthly. If you're registered for GST, and you are selling ordinary items within your business, you must charge GST. However, not all businesses are required to charge GST, and there are a few exceptions to the rule that have existed since the legislation's implementation in 2000, with a few small tweaks along the way.

A few items that are not GST include are:

Health industry:

If you're offering your customers health services, there may be a restriction that you can't charge GST for things like medical appointments or health-related income.

Grocery-type items:

Some grocery goods include GST, while others do not. Fresh fruit, vegetables, water, and items you use to manufacture other items, such as ingredients for baking cakes, are a few examples of goods that are GST-free.

Vehicles or furniture:

If selling a car that the company owns or some furniture, GST must also be added to that price. If you're selling a car to a regular person, they won't care if you've registered for GST or not; they won't even know to inquire. In order to ensure that you receive the correct amount of money for that item, it is your responsibility to keep in mind that if you are registered for GST, anything you sell will include GST.

Keep in mind that there are different GST requirements based on different factors, therefore it's important for you to understand. Therefore, it's crucial that you take the time to read through your particular GST rules and how they apply to the goods or services that you offer.

Part-GST

Some things you buy have part GST - such as insurances and vehicle registrations.  Be aware when entering your Insurance bills and payments to separate the GST from the GST Free amounts.

Wages & Super

Goods & Services Tax (GST) is for when you buy or sell Goods & Services.  Paying wages and paying superannuation does not attract GST because you are not buying anything.

Need help with your GST? 

We deal with all sorts of taxes from BAS to income tax, FBT and Tax strategy sessions to make sure you are paying the right amount of tax, including the GST you charge and claim.

If you want us to review your last BAS form, please reach out to us on 08 91859400 to discuss how we can help.