Our Cairns accountants have the expertise to help you grow your business. While your business is growing, we will ensure you keep accurate records so you can rely on precise reporting.
We support all types of organisations to meet their tax obligations including partnerships, small businesses and sole traders. We can handle the tax aspects of your company so you can focus on the growth, your customers and the daily operations.
We provide professional advice to ensure you are reporting and claiming the GST component of sales and purchases correctly. Making a mistake in your GST reporting can be very costly.
We have a variety of services we offer regarding GST, we can take care of:
- BAS preparation and activity statements – we can review your financials from records kept
- Record reviews – we ensure your data is entered correctly so your records are accurate
- Bank statement reviews – we can ensure your bank statements are accurate
- BAS statements reviews – audit statements for correct reporting
- Superannuation evaluations – do a quick analysis of superannuations to ensure compliance with obligations
- GST claims on equipment – ensure you are claiming accurately
- GST planning – we can put together plans and projections
Make sure you have a professional team by your side. Contact the team at Gary Wilkins & Associates today!
Goods and Services Tax
GST is a broad-based tax on most goods, services and other items sold in Australia. It is set at 10%. Businesses collect the tax every time a product or service is sold. Then, the revenue is sent to the Australian Tax Office.
GST must be charged for most products and services except for:
- Basic foods
- Medical care products
- Health care products
- Some education courses
Not everything in those categories is exempt, so it’s wise to check with our tax professionals if you are not sure. Exports from Australia are generally exempt from GST.
How do you know if you need to register your business for GST? You must register if:
- Annual business income is $75k or more.
- Annual non-profit income is $150k or more.
- You provide a taxi service.
- You claim fuel tax credits.
If your business doesn’t fit these categories, GST registration is not compulsory, but you can choose to do so. Once you are registered for GST, remember to claim all GST paid on goods and services you purchase for the business and make sure you keep the tax invoices from your suppliers.
You can navigate the GST registration process alone, but it can be confusing and time-consuming. We have many years of experience helping businesses through the application process for GST registration. Gary Wilkins & Associates can handle all of your GST obligations. This includes calculating what you owe, claiming what is owed to you, and analysing your business data for projections.
Confidentiality and security are key in all our dealings with our clients. In our first meeting, we find out your business goals. This helps us customise our services and advice to match your goals when we work together.
Get in touch with us today to arrange a consultation.