GST stands for goods and services tax. If you are a sole trader, in a partnership or a company and your income is over $60,000 in 12 months, you must register for GST.
We have some handy tips for you:
- Include GST in your prices, if you are GST registered
- Keep an accurate record of all invoices and expense receipts for 7 years
- Choose the right accounting basis (Payment or invoice basis or a combination of both)
- Throw away records, invoices or receipts before the 7 year mark
- Forget to deregister if you close your business and include all taxable goods and services from the beginning of the taxable period to the date of the GST cancellation in your final GST return
Navigating through GST filing requirements doesn’t need to be tricky. Our team can help you choose the right accounting basis to avoid common mistakes and even better, we can do your GST returns for you!