GST as it Affects SMEs: Download free paper

• Tweet
• Email

GST has been with us in Australia for some time now and yet there still seems to be a lot of confusion surrounding it.

Recently I met with a contractor who was not registered for GST and yet was collecting it (a big no-no). There was no intention to do the wrong thing on his behalf, simply a lack of knowledge regarding his obligations. Shortly after a client contacted me with issues obtaining payment from one of their customers; as their customer was not regisered for GST, they did not feel they should have to pay it. Technically, I’m not registered for GST either… perhaps I should try the same arguement the next time I’m at the checkout.

With these instances fresh in mind, it seems a good time to introduce a paper from our Introduction to GST series, GST as it Affects SMEs. 

 Download Paper 20.02 GST As It Affects SMEs

This paper considers a wide range of GST issues from a small/medium enterprise perspective from:

• What is GST?
• Registration
• Explanation on how the system operates
• Reporting requirements; to
• Government assistance

It’s an ideal way for a business operator to get an overall view of GST, without going into all of the various detailed industry-specific issues.

The paper covers the following points:

•  
  • GST Defined
  • Commencement Date
  • GST Rate
  • GST Scheme
  • Registration Packages – The New Tax System
  • Questions Asked In The New Tax System Registration Package
  • Australian Business Number
  • Registration For GST – The New Tax System
  • Groups And Branches
  • Option Of Not Registering For GST
  • Taxable Activity
  • Exclusions (“GST Free Supplies” Goods And Services)
  • Food – GST Free Unless …..
  • Food That Is Not GST Free
  • Medical And Health Services That Are Free Of GST
  • Education Services That Are Free Of GST
  • First Home Buyers Compensation
  • GST Free Activities
  • Input Taxed Supplies/Activities (Exempt Supplies And Goods)
  • Input Taxed
  • Input Tax Credit
  • Creditable Purpose
  • Output Tax
  • GST Payable
  • Business Activity Statement For GST With $20m Plus Sales
  • Business Activity Statement For GST With Sales Under $20m
  • Turnover Level “Cash” Or “Accruals” Basis
  • Second Hand Goods
  • Importers
  • Displayed Prices
  • Refunds Of GST
  • Tax Invoices
  • Invoice Without An Australian Business Number
  • Recipient Created Tax Invoice
  • Adjusting Prices For Indirect Tax/Cost Reductions
  • Australian Competition And Consumer Commission (ACCC)
  • Unregistered Business (Without Australian Business Number Or GST Registration)
  • Statement By A Supplier
  • Business With Australian Business Number – But Not Registered For GST
  • Key GST Dates
  • Contracts Prior To 2nd December 1998 – Transitional Arrangements
  • Contracts Signed After 2nd December 1998 – Transitional Arrangements
  • Fees And Charges Straddling 1st July 2000
  • Adjustments
  • Adjustment Note
  • Government Assistance
  • GST Vouchers
  • Insurance
  • Change in Treatment of Insurance
  • ATO Field Officers
  • Accounting Records For GST
  • GST Control Accounts
  • Sales And Cashflow Impact

If you would some information or assistance with your GST obligations, please give us a call on (02) 4390 4156 for a completely free and no-obligation consultation. Often this is all you really need to get you started on the right footing (or back on the right track). The important thing is to be informed and,  if your compliance issues have grown out of hand,  seek advice and start taking control today. 

Tagged as: accounting, Goods and Services Tax

Article by Christie Lewis

Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.

Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG

Twitter: @christielewis