You buy something for your business. Maybe it is a new laptop. Maybe it is office furniture. Maybe it is stock for resale. You look at the invoice and see GST included in the price. Then you wonder: “Can I claim this GST back?” This is where the term creditable acquisition becomes important. It sounds like complicated tax language. But the basic idea is quite simple. A creditable acquisition is a...

You sell something to a customer. You receive payment. You are running a business. So, naturally, you assume: “I need to charge GST.” But GST does not work quite that simply. For a supply to be a taxable supply, four main requirements need to be satisfied. These requirements come from section 9-5 of the GST Act. Once you understand these four requirements, it becomes much easier to work out when...

You run a business. You sell a product. You provide a service. You send an invoice and charge GST. Simple, right? Not always. Before you add 10% GST to an invoice, there is one important question to ask: “Is this a taxable supply?” If you are registered for GST, this matters. Not every sale you make automatically has GST. Some sales are taxable. Some are GST-free. Some are input taxed...

You look at your business accounts. You see $80,000 in sales. Then you remember something. “Isn’t the GST registration threshold $75,000?” So you start wondering: “Am I already required to register for GST?” This is where things can get confusing. You may hear the terms business turnover, GST turnover, sales, and revenue being used as if they all mean the same thing. They don’t always...

You are running your business. Sales are picking up. Things are going well. Then you hear: “You need to register for GST when your turnover reaches $75,000.” That sounds simple. But then comes the obvious question. “What exactly counts as GST turnover?” This is where many business owners get confused. GST turnover is not simply the money sitting in your bank account. It is also not your business...

You see it all the time. A product costs $1,100. But is that $1,100 including GST? Or is GST going to be added on top? This is a simple question. But getting it wrong can cause problems with your invoices, pricing and bookkeeping. If you run a GST-registered business, it is important to know the difference between GST-inclusive and GST-exclusive prices. Let’s make it simple. What does GST...

GST sounds simple. It is 10%, after all. So how hard can it be? Well, the maths is easy. It is knowing which amount to apply the GST to that can sometimes cause trouble. You have probably seen invoices with prices that say “plus GST”. Others say “GST inclusive”. Then there are GST-free sales, GST credits and BAS reporting. Suddenly, that simple 10% does not look quite so simple. So let’s...

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 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...