GST

GST is the Goods and Services Tax system in Australia and is levied at the flat rate tax of 10% on most Goods and services sold or consumed in Australia.

Who should register for GST?

You must register for GST if:

You carry on a Business
Your business has a GST turnover of $75 000 or more
Non profit organization makes $150000 or more
You are part of Taxi Business

Taxi / Uber drivers

Those People, who provide taxi services as part of their business, must register for GST regardless of their GST turnover. Taxi travel means transporting passengers by Taxi or Limousine for fares.

GST Turnover

GST turnover is business gross income, excluding any:

GST included in sales
Sales that are not to provide goods and services
Sales not connected to your business
Input taxed sale( financial sales- sale/rent of property)
Sales did not happen in Australia.

GST Free Sales:

GST free sales means, You don’t need to include GST in the price of goods and services , but you are entitle to claim credits for the GST included in the price of purchases you used to make those GST-free sales

GST Free items:

Health and Medical

Services by medical practitioners and pathologists;
Services by Physiotherapists, naturopaths, nurses, optometrists;
Hospital treatment;
All Disability services;
Medical aids and appliances;
Pharmaceuticals, Health insurance

Educational and Childcare

School and university fees
Certain coarse materials
Student accommodation
Professional and trade courses
Approved childcare

Food and Beverages

Food and ingredients for food for human consumption
Beverages for human consumption and ingredients
Goods to be mixed with or added to food for human consumption
Fats and oils marketed for culinary purposes

Report GST Quarterly:

You must report your GST by Lodging BAS statement quarterly if your turnover is less than 20Million otherwise you should lodge monthly