Sole Trading
12. Goods & Services Tax (GST)
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 23 Sep 2015
- The Goods and Services Tax (GST) is a value added tax placed on sale and consumption of goods and services in Australia.
- The idea behind the GST is that it is raised at the rate of 10% on almost all transactions involving goods and services but is then refunded to the parties in the chain of production and supply. Only the end consumer pays the relevant GST amount. Therefore when dealing with other businesses it is important to include the relevant GST amounts so that these can be passed on to the end consumer.
- If your current or expected annual business income is over $75,000 you must register for Goods and Services Tax (GST). This threshold is the same for all business structures.
View more Information on Business & Company