HR & Payroll Add-on for Australian Businesses
HR & Payroll Add-on for Australian Businesses
Running a business needs a lot of planning. This includes ensuring you have accounted for taxation. You need to check if your business is registered for the GST or not and account for any other relevant information regarding business GST. Our bundled service will include anything you require to prepare your Australian Business Activity Statement and Australian GST setup in Microsoft Dynamics 365 Finance.
It can be tricky to understand if your business needs to be registered for GST or not. This is a common question, especially for small businesses. They need a clear path to understand their current state regarding GST.
So, before you jump to any conclusions, you need to ask:
If the annual turnover is $75,000 or more, your business will need to apply for GST. If it is less than that, you will have the option of registering or not.
If you meet a threshold of $75,000 or seem likely to surpass this threshold, you must apply for GST. You must file within 21 days of reaching the turnover threshold.
Taxi drivers and drivers may register and charge GST regardless of their sales. In comparison, non-profit organizations will make $150,000 in turnover before registration.
The Australian Company Registry (ABR) website allows you to register online for GST (and even to apply for ABN)
Your overall goods and services tax GST turnover (not your profit) is your entire business income:
A business activity statement is a form that licensed businesses to send to the Tax Office to share reports of their tax liabilities, including GST, withholding payments, paying payments when you collect payment fees, fringe benefits tax, wine equalization tax, and luxury tax. As a company owner, before you are about to set up withholding tax and other GST, you need to know your position.
DHRP consultants are your source for implementing Australian GST in Microsoft dynamics 365 finance. We have certified expertise to help you with the GST reporting codes.
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