Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed, GST Calculator in Australia. Once you reach $75,000 in business turnover, you’ll need to be registered for GST. Use our handy GST Calculator to work out:
- How to calculate GST in Australia
- The amount of GST you will pay or should charge customers
- The price excluding GST and the total cost including GST
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GST Calculator Goods and Services taxes
When your business turnover passes $75,000, you’ll be required to lodge Business Activity Statements, on a monthly or quarterly basis. If you’re reaching this point in your business’ growth, you should reach out to an accountant, such as POP business, to assess your situation and provide you with advice on how to proceed with your BAS and GST reporting.
Our expert accountants can review your income and expenses, as well as your business model and determines whether a cash or accruals method for GST reporting will provide a superior outcome. We also provide reviews of the transactions you have recorded to ensure you are claiming all the GST credits you are eligible for.
When do I need to Pay GST?
The ATO’s due dates for GST BAS lodgements is based on your annual turnover:
- Quarterly if <$20 million in turnover
- Monthly if >$20 million in turnover
- Annually if <$75,000 in turnover and voluntarily registered for GST (<$150,000 for not-for-profits)
By Lodging through a registered tax agent or bookkeeper, you can gain up to one extra month to lodge your BAS statements with the ATO and avoid any late penalties. Late penalties are applied by the ATO as 1 penalty unit per 28 day period past the due date.
For most small and medium businesses your Quarterly BAS Lodgement Due dates are as follows:
Quarter | Due Date | |||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. July, August & September | 28 October | |||||||||||||||||||||||||||||||||||||||||||||||||
2. October, November & December
| 28 February
| |||||||||||||||||||||||||||||||||||||||||||||||||
3. January, February & March
| 28 April | |||||||||||||||||||||||||||||||||||||||||||||||||
4. April, May & June | 28 July
| |||||||||||||||||||||||||||||||||||||||||||||||||
Get in touch with POP Business to get started with your BAS Lodgements. With seamless reviews, professional assessments and fast turnarounds, you can rest easy knowing our expert Chartered Accountants are working to maximise your claimable GST credits and complete your lodgements on time.
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Looking for accounting and advisory solutions that maximise progress and provide the platform for your business to reach new heights? Our team gives you access, anywhere and anytime, to accounting services that scale with your business.
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Whatever your tax needs, our team of experienced POP Business Accountants have got you covered.
Perhaps your small business is behind on your annual tax obligations?
Maybe you’d like to know if there’s other smart ways you can minimise your tax?
Or, it could be you’re looking for expert advice on how to growth-hack your business.
Good news. POP Business are the pros at all three.
Tax shouldn’t have to be so… well, taxing. Drop us a line and you’ll never look back.
