Australia’s system of taxation underwent massive change when the goods and service tax (GST) was introduced on 1st July 2000. GST applicable in Australia to most of the organization which is running a business and its annual turnover exceeds to $50,000. Corporate must charge GST on sale that relates to Australia which is not GST free. Because of GST applicability in Australia, cash flow will be affected so that the same time corporate may get the benefit holding the GST corporate collects from its customers before sending it to the Tax Office.
Now we will discuss in length how GST affect the corporate accounting system:
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Identify sales on which GST should be charged and the amount of GST to be paid.
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Identify whether a GST credit arises on the purchase of an input.
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Detect any changes in the business use of input.
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Detect any adjustment event involving changes in the price of a sale or purchase i.e. discounts, returns, bad debts etc.
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Ensure that credit terms with customers and trade terms with suppliers do not jeopardize the cash flow position.
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Request tax invoices from suppliers when you make a purchase.
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Produce tax invoices and adjustment notes.
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Provide information to flow into the business activity statement for each tax period.
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Contact us for any query regarding GST Services.