logo

GST Implications and Compliance in Australia

   

Added on  2020-06-06

8 Pages1996 Words51 Views
 | 
 | 
 | 
Accounting-Prepare and administer taxdocumentation
GST Implications and Compliance in Australia_1

Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY2.....................................................................................................................................11)The GST registration process with ATO............................................................................12)Taxable supplies..................................................................................................................13) GST free supplies...............................................................................................................24)Input tax credit....................................................................................................................25)What is Business activity statement BAS?.........................................................................26) Lodgement dates................................................................................................................37)Types of penalty by ATO....................................................................................................3ACTIVITY3.....................................................................................................................................31) Types of business documents and time limit to hold this documents................................32) Research about GST and invoice.......................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
GST Implications and Compliance in Australia_2

INTRODUCTIONGoods and services tax is the impose duty whose aim and objectives is to remove anderadicate the differences and barriers between different states and regions of a country. This iswill help in creating a state where the entire country can be treated as same, along with this thenations market can be assumed as a single marketplace. For this legal aspect it has became veryessential to remove all the layers of government so that, in effective and appropriate manner thepowers and regulations ca be executed (Datt, Nienaber and Tran-Nam, 2017).In this assignment report the process and activities that are included in the GST will bediscussed and the Australian taxation laws will be studied.ACTIVITY21)The GST registration process with ATO.Registration under items and service Tax (GST) will provide various benefits to theenterprise: company are able to recognised legally as they are availing customers very legal andauthorised goods and services, with its self the commissions and the extra amount that is notprovided give to government can be managed and proper tax to governing authorities will also beattained. This will directly help in the nation's development in an appropriate manner. Below arethe process of GST registration-1.A business person can ask the accountant for the registration for GST. As they are verymuch aware about all required details about goods and services tax process.2.Next step that has to be performed by company is to fill and complete application formfrom the website of ATO(Australian Taxation Office) 3.The registration of the enterprise will done on website of Australian Business Register.As the company reaches the beginning of $75,000 it become very essential for it to getregistered in GST.2)Taxable suppliesTaxable supplies are the tax duties that are not limited to a particular sales but each andevery transactions is get covered through this (Eichfelder and Schorn, 2012). It is very essentialfor this as in the clause of GST legal system. Below are some of the requirements that is must tobe considered-1
GST Implications and Compliance in Australia_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Australian Income Tax: GST and Capital Gains Taxation
|14
|2600
|189

Taxation Theory, Practice and Law: GST, CGT and Legal Issues
|17
|2806
|125

Taxation Law
|9
|1939
|78

Input Tax Credit in the City Sky Co.
|13
|2797
|90

Business Law: Taxes, Licenses, Compliance, and Workplace Safety
|13
|2308
|162

Taxation Theory Practice & Law (pdf)
|10
|2642
|26