You have registered for GST. Done, right? Well, not quite. GST registration is only the beginning. From here, GST becomes part of your day-to-day business. Your invoices change. Your bookkeeping changes. And yes, the BAS starts making regular appearances on your calendar. It can sound like a lot. But once you know what to expect, it is much easier to manage. So, what actually happens after you...
GST Registration: Voluntary vs Compulsory Registration
GST registration is one of those things that can sneak up on you. When you first start a business, GST may be the last thing on your mind. You are busy finding customers. Sending invoices. Paying bills. Trying to keep the business moving. Then your turnover starts growing. And suddenly, you hear those words “You need to register for GST.” But do you? Or can you choose to register? The answer...
Taxable vs GST-Free vs Input-Taxed Supplies: What’s the Difference?
Australian GST would be much easier if everything had 10% GST. Sell something for $100. Add $10 GST. Collect $110. Job done. Unfortunately, the GST law had other plans. Some sales are taxable. Some are GST-free. And some are input-taxed. The last two are particularly good at confusing beginners. After all, GST-free and input-taxed sales both have something rather attractive in common: You...