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Goods and Services Tax (GST)

What is GST?

 GST is a tax on most goods sold and services provided in Australia. It is set at a rate of 10% and paid by registered businesses, and usually passed onto the consumer in the supply chain.

When was it introduced?

The law governing GST can be found in the A New Tax System (Goods and Services Tax) Act 1999 which started taking effect from the 1st of July 2000.

Who has to pay GST?

As noted above, GST is paid by registered businesses. A person must register for GST if he or she is carrying on an enterprise and the GST turnover meets the registration turnover threshold.

However, you must register for GST if you provide taxi travel regardless of turnover. ‘Taxi Travel’ is defined as transporting passengers by taxi or limousine for fares.

The definition of ‘an enterprise’ is relatively wide, but generally speaking it includes an activity or a series of activity done in the form of a business or in the form of an adventure or concern in the nature of trade.

Turnover threshold can take various forms, including the cash accounting turnover threshold, the tax period turnover threshold or the electronic lodgement turnover threshold.

The turnover threshold is met when either your current GST turnover is at or above the turnover threshold and the Tax Commissioner is not satisfied that your projected GST turnover is below the turnover threshold, or when your projected GST turnover is at or above the turnover threshold.

Projected GST turnover at any time during a particular month can be calculated as the same of the value of all the supplies that a person has made, or is likely to make, during that month and the next 11 months, with the same exclusions above that apply to current GST turnover.

 If you would like more information or assistance regarding GST or other tax related matters, complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.