Business Activity Statement (BAS) Services
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
AdvisorCorp is registered with the Tax Practitioners Board
We are also a member of a professional accounting organisation Institute of Public Accountants. We abide by professional and ethical standards.
GST registration requirements
- when your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more (see Working our your GST turnover)
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
- if you're already in business and have reached the GST threshold
- if your non-profit organisation has a GST turnover of $150,000 per year or more
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- if you want to claim fuel tax credits for your business or enterprise.
Registering for GST is optional if your business or enterprise doesn’t fit into one of these categories. If you choose to register, generally you must stay registered for at least 12 months.
BAS and GST tips
If you are a business registered for GST you need to lodge a business activity statement (BAS).
- we can view activity statements sent to your myGov Inbox
- you can still access your activity statement through the Business Portal or myGov even if our tax agents are managing them on your behalf.
- Keep records of all sales, fees, expenses, wages and other business costs
- Keep appropriate records, such as stocktake records and log books to substantiate motor vehicle claims
- What to do if an Australian business number (ABN) isn't provided
- Reconcile sales with bank statements
- Use the correct GST accounting method
- Keep all your tax invoices and other GST records for five years
- heavy vehicles
- light vehicles travelling off public roads or on private roads.
- when you acquire the fuel
- what fuel you use
- the activity you use it in.
- Clerical or transposition errors
- Classifying a GST-free sale or purchase as taxable
- Classifying a taxable sale or purchase as GST-free
- Double counting some of your purchases.
- If the price of a sale or purchase changes
- If goods are returned and the sale is cancelled