1 Do I Have To Register For GST?
Goods and Services Tax (GST) is a tax of 10% in Australia on most goods, services, and other consumables. If you are a registered business, you need to charge GST on most goods and services you sell or supply. You must be a registered if your business turnover exceeds $75,000 per annum or $150,000 for a not-for-profit organization but you may elect for voluntary registration if you are below the threshold.
2Do I Have To Include GST On My Invoices?
You only need to register for GST with the Australian Taxation Office (ATO) if your annual turnover/revenue exceeds $75,000 per annum (or $150,000 per annum for non-profit organisations). Once you are registered for GST, by law you must add 10% GST to all of your tax invoices that you issue to customers.
3What Services do you provide for Small Businesses?
Pacific Professional Accountants serves all your basic accounting needs such as your End of Year Compliance, BAS, Bookkeeping, Individual Tax Returns, Business Advisory, Start-Up support, as well as Estate Planning, Negative gearing and Rental properties.
4I want to start my own business. Can you help me?
Starting your own business can be a daunting task. Not knowing where to start, what you need in order to begin making money including your business structure, name registration, pricing point, the lot! Pacific Professional Accountants can help you set up your business from an accounting point of view as well as we offer support in other areas such as cash flow forecasting, budgeting and many more.
5How long does it take the ATO to process my tax refund?
Generally the ATO take up to 14 days to process tax returns, however, their processing standard for individual tax returns is 28 days. These time frames can vary depending on other circumstances.
6How long do I need to keep my tax records?
Generally, you must keep your written evidence of income and expenses for five years from the date you lodge your tax return or is due to be lodged. Special guidelines apply to depreciable assets and individuals with simple tax affairs. Please feel free to contact our office if you are unsure or would like further information as we'd be more than happy to assist you.