![]() ![]() If your community organisation is a not-for-profit organisation and it has an annual turnover of $150,000 or more it will be required to register for GST (which will give rise to corresponding GST obligations). Your community organisation has an annual turnover of $150,000 or more Once you have an ABN, you can start the process for registration for GST through the ATO's online services for business, by phone or seek assistance from your accountant or lawyer. To register your organisation for GST purposes, you will need to have an Australian Business Number ( ABN). However, by the same token, if an organisation registers for GST (whether or not voluntarily), it will also be liable to pay GST to the ATO where it makes any ‘taxable’ supplies.Ĭonversely, if an organisation is not registered nor required to be registered for GST, the organisation doesn’t need to include GST in the price of any goods and services it sells, but is also unable to claim 'input tax credits' for the GST component incurred on goods or services it acquires while carrying on its activities. Organisations may choose to register on the basis it may enable them to claim 'input tax credits' (ie. Your community organisation has an annual turnover under $150,000Įven if you are not 'required' to be registered, your organisation may decide to voluntarily register for GST if it is a charity or carrying on an enterprise.īefore registering voluntarily, you need to decide whether the administrative burden of complying with GST reporting obligations outweighs the benefits. This ensures that a supplier is not out of pocket for the GST payable to the ATO on its taxable supplies.įor more information on how to calculate your organisation’s annual turnover, see the ATO webpage for not-for-profit organisations and the ATO webpage on registering for GST. In practice, a supplier usually passes on the GST cost to purchasers (recipients) by charging an additional 10% on the GST-exclusive price of its supply. ![]() GST is generally payable by a supplier at a flat rate of 10% of the value of a taxable supply unless special rules apply. can claim ‘input tax credits’ (effectively a GST refund) from the ATO for the amount of GST included in the price of goods and services it purchases.is required to pay GST to the Australian Taxation Office ( ATO) if it makes a 'taxable supply' - for example, if it sells something (goods or services) that satisfies specific criteria, and. ![]() In general, an organisation that is required by law to ‘register’ for GST or that has voluntarily registered for GST: GST is a tax imposed on the sale (supply) of a wide range of goods and services consumed in Australia. Which community organisations are eligible for these GST concessions?.If your organisation registers for GST, do you always have to pay GST or are there some concessions?. ![]() Does your community organisation have to register for GST purposes?. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
January 2023
Categories |