When your company sells domestic goods and services, some value-added duties are levied on them. These are basically known as Goods and Service Taxes or GSTs. A proper GST accounting Perth is important to help you keep track of what you’re paying to the government. To get the best assistance for GST accounting, we at Palladium Financial Group can provide you with the much-needed services. Our GST accountant can provide you with the best solutions related to your GST planning teamed up with valuable professional advice.
A GST expert has the acumen and potential to meet your business accounting needs by implementing profitable strategies. This lets you optimise your company resources on the key areas of your business. Opting for our GST accounting solutions is also a much cheaper option with our professional accountant Perth. That’s why GST-accounting services by Palladium Financial Group are considered unique and cost-effective.
The task of GST reporting has to be carried out in a strategic manner. Our GST accountant implements plausible GST tax planning methods to ensure this fact which includes:
Our professional accountants are responsive enough to revert back to you via the moment you send across your service requests. So, contact us soon!
Our GST accountants will help you pay your GST accounting duties to the government on time. Our prospective GST consulting solutions have helped numbers of clients to comply with their GST accounting liabilities effectively. The moment you hire a GST accountant from Palladium Financial Group, you can expect comprehensive assistance in return. Our specialists provide gainful insights into each of the GST liabilities of your company. Get in touch with us today for tailor-made and comprehensive GST assistance for your specific needs business needs.
Goods and Services Tax (GST) is a 10% tax added to most goods, services, and items sold in Australia. Businesses registered for GST must collect it on sales and remit it to the ATO, while also claiming credits for GST paid on business expenses.
You must register for GST if your business turnover is $75,000 or more ($150,000 for non-profits). Ride-sourcing and taxi drivers must register regardless of turnover. Voluntary registration is also allowed for smaller businesses.
The standard GST rate is 10%, applied to most goods and services. Certain items such as basic food, some medical services, and exports are GST-free.
If you are registered for GST, you can claim credits for the GST included in the price of goods and services used for your business. To do so, you must have a valid tax invoice and report it in your BAS lodgement.
GST-free items: Basic food, certain health and education services, exports.
Input-taxed items: Residential rent, financial supplies (loans, bank fees).
Businesses cannot usually claim input tax credits for input-taxed purchases.
Quarterly: Most businesses
Monthly: Businesses with GST turnover > $20 million
Annually: Small businesses voluntarily registered for GST
The ATO may apply failure-to-lodge penalties and interest charges. Persistent non-compliance can trigger audits and stricter monitoring.
Penalties depend on whether the mistake was careless or deliberate. They may include:
Administrative penalties (up to 75% of the shortfall)
Interest charges on unpaid GST
Additional fines for serious non-compliance
Yes. Businesses with turnover under $10 million can choose:
Cash basis: Report GST when money is actually received or paid.
Accrual basis: Report GST when invoices are issued or received.
A valid tax invoice must include:
The words “Tax Invoice”
Seller’s name, ABN, and invoice date
Description of goods/services
GST amount (separately or as part of the total)
Buyer’s details (for invoices over $1,000)
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