How to claim GST (Points to remember)Are you planning start a new business?
If you own or run a small-to-medium business, you would be aware of your tax and reporting obligations, but what about your GST? Do you know exactly how to claim GST? As a business entity, you can register and claim GST credits on your BAS. Ensure that you are correctly claiming GST on business tax and are complying with the ATO processes and standards. Your business can take advantage of these information on how to claim GST.
At Fair Tax Accountants Geelong, we are committed to helping our clients to improve their business tax reporting and position helping the our clients correctly claiming eligible GST. Working with different-sized businesses from a variety of industries, we provide tailored solutions designed to meet all your business accounting needs.
3 Points to remember, how to claim GST- Tax accountant service Geelong & Belmont
What you need to know when it comes to claiming GST on business tax:
1. Register for GST
To be able to claim GST back on your tax, your business must be registered to claim GST credits. It is mandatory for businesses with a gross income of $75,000 or more to be registered for GST. If you earn under the threshold, you can still register for GST and include it on your Business Activity Statement/GST return.
Find more information at the ATO website or speak with our Business Accountant team to see how this may apply to you.
2. Know what you can claim
You can only claim GST on business/work-related products and services that you have purchased, if the supplier has included GST on the total invoice amount. You can check this by referring to your copy of the invoice. If you are unsure of the GST amount, your Accountant can help you to work out the figures.
3. Keep a record of receipts and invoices
It’s important to maintain a well organised record of your receipts and tax invoices throughout the year, so you have all the needed information prepared and ready to go at tax time. To be able to claim a GST or other tax deduction, you need to have evidence of your work-related purchases – such as the receipt. Documents such as bank statements, purchase orders or delivery receipts aren’t sufficient to meet the tax invoice requirements to claim GST.
Business Accountant Geelong-How to claim GST ?
Tax Accountant Service Geelong. How to claim GST?
Our Business Accountant service in Geelong provide service across Belmont, Highton, Grovedale and Waurn Ponds area and offers Very affordable rate with committed and passionate helping hand to businesses across Geelong. We can provide a range of solutions to simplify your Business accounting process such as Bookkeeping, Accounting and Taxation requirements.Our Business Accountant service include:
- BAS/GST Preparation and Tax Return Service
- Profit and Loss Statements
- Financial Reports
- Business and individual Tax return preparation
- Bookkeeping,
- Xero and QuickBook Support and Software set up
- Payroll service
- Tax Accounting
- Accounting service and Advice
- Tax Planning and Minimisation strategy
- Business Accounting
For more information on How to claim GST, log on to below ATO site to learn more or contact Tax accountant in Geelong on 0352412982.
https://www.ato.gov.au/business/gst/
Fair Tax Accountant firm is a leading business accountant in Geelong and surrounding area to assist you with the Business accounting and Tax process. Let the Pros at Fair Tax Accountant based in Geelong help with fulfilling all your Business Accountant and Tax Accountant responsibilities.
Have a question about your claiming your GST credits? Speak with our specialist business accountant Team in Geelong: 03 5222 3265 or 03 5241 2982
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