The Goods and Services Tax (GST) in Australia is a 10% tax that applies to a wide range of goods, services, and other products that are bought or used. If your business reaches a turnover of $75,000 or more, you're required to register for GST. To make it easy for you, you can use our convenient GST Calculator to:
Determine how to compute GST in Australia.
Calculate the GST amount you should collect from customers or pay.
Find out the price before GST and the total cost, including GST.
When your business generates more than $75,000 in turnover, it becomes mandatory to submit Business Activity Statements (BAS), either on a monthly or quarterly basis. If your business is reaching this milestone, it's a good idea to get in touch with a qualified accountant, like i-accountant, to assess your specific situation and guide you on how to handle your BAS and GST reporting.
Our experienced accountants can examine your income, expenses, and overall business structure to determine whether using a cash or accruals method for GST reporting is more advantageous for you. We also conduct thorough reviews of your recorded transactions to ensure you're claiming all the GST credits you're entitled to.
The Australian Taxation Office (ATO) sets different deadlines for GST Business Activity Statement (BAS) lodgments based on your annual turnover:
To gain an extra month to submit your BAS statements and avoid late penalties, you can opt to lodge through a registered tax agent or bookkeeper. The ATO imposes late penalties at a rate of 1 penalty unit per 28-day period beyond the due date.
| Quarter | Due Date |
|---|---|
| 1. July, August & September | 28 October |
| 2. October, November & December | 28 February |
| 3. January, February & March | 28 April |
| 4. April, May & June | 28 July |
Contact i-accountant to kickstart your BAS lodgments. Our team of Chartered Accountants offers seamless reviews, expert assessments, and swift turnarounds, ensuring that you maximize your eligible GST credits and meet your lodgment deadlines promptly.
Contact UsLooking for accounting and advisory solutions that maximise progress and provide the platform for your business to reach new heights? Our team gives you access, anywhere and anytime, to accounting services that scale with your business.
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I worked in i-accountant for work placement, the office was organised and welcoming. I learnt a lot about spreadsheets and about financial services, I highly recommend i-accountant to other students who want to learn more about financial services.
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