33: GST Key Terms and Obligations Every Business Owner Should Know

Dive into the essentials of GST and make sure you're GST-compliant. Not doing so could result in costly mistakes.In this episode, Sally Preston breaks down the essentials of Goods and Services Tax (GST) in Australia. Whether you're new to business or looking to brush up on your GST knowledge, this episode is packed with crucial information and eye-opening insights to help you avoid common pitfalls.In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:What constitutes a taxable supply and why it's crucial for your GST obligations (02:00)The impact of input tax supplies on your business and how it affects your GST credits (05:00)The types of supplies that are GST-free and how to claim back GST on expenses (07:30)When you need to register for GST and the implications for your business (10:00)Get clarity on calculating your GST turnover and the importance of accurate record-keeping (12:30)What makes an acquisition creditable and how to maximise your GST claims (15:00)Common GST exemptions, such as international transactions and the sale of a going concern (18:00)By understanding and mastering these GST basics, you can ensure your business stays compliant and avoids unnecessary costs. Remember, keeping informed and maintaining accurate records is key to leveraging GST for your business's advantage. Stay smart with your taxes! CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/