The Basics of GST

For something that is involved in our everyday lives as consumers, it is something that we tend to understand very little about as business owners.

We have put together a great outline of the basics of GST and how it applies to you as a business owner.

What is GST?

In Australia, goods and services tax (GST) is charged on the supply of most goods, services and other things – for example, supplies of rights or the sale of certain property. The GST rate is set at 10%.

Who is supposed to charge GST?

Does your business have a GST turnover of $75,000 or more ($150,000 or more if it is a non-profit organisation) or do you provide taxi travel?

If so, you must:

  • Register for GST
  • Work out whether your sales are taxable, GST-free or input taxed
  • Include GST in the price of your taxable sales
  • Issue tax invoices for your taxable sales
  • Obtain tax invoices for your business purchases that have GST included in their price
  • Work out whether you have any adjustments
  • Account for GST on a cash or non-cash basis
  • Report your sales and purchases by lodging activity statements (even if the amount to be reported is zero) and pay GST

What if you do not register for GST?

If you are required to be registered, and do not do so, you will have to pay goods and services tax (GST) on the supplies you have made since the date you became required to be registered. This may apply even if you did not take account of the GST in the price of those supplies. Penalties and interest can also be imposed.

Also, if you do not register for GST you cannot claim input tax credits. This could result in the business costs being higher than those of their competitors. In addition, other businesses won’t be able to claim input tax credits for supplies they purchase from you.

How does the GST system work?

Generally, registered businesses:

  • include GST in the price of sales to their customers
  • claim credits for the GST included in the price of their business purchases.
  • So while GST is paid at each step in the supply chain, businesses do not actually bear the economic cost of the tax. The cost of GST is borne by the final consumer who cannot claim GST credits.

Do you register for GST for every business you operate?

You register only once for GST, even if you operate more than one business. For example, the company ABC Pty Ltd operates two businesses, ABC Building and Hardware Supplies, and ABC Plumbers. ABC Pty Ltd registers once for GST. This registration covers the company’s two businesses.

If you need help with GST registration for your business, call us on 1800 distil (1800 347 845) or email sales@distil.com.au

Posted by: admin on October 29, 2012 @ 3:23 am
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7 Steps on How to Create an Email Newsletter

Here is a video that describes 7 Steps on how to create an email newsletter.

It is based on a client example where the client uses iContact and WordPress (however the same principles apply to any online marketing email program and any website content management system.

We hope that this gives you help on how to create an email newsletter.
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Posted by: admin on August 21, 2011 @ 7:56 pm
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ABN Registration — One Vital Step To Start Your Business in Australia

Every business begins with a dream; and if hard work and right plan is added to it, that dream becomes a reality in no time!  But done wrong, this dream may turn into a nightmare. If you are planning to start a business in Australia, then apart from planning right and getting the funds for your business, you have to know in details about Australian Business Number (ABN) registration and how to get ABN registration. Here are some facts about this very important business license:

  • ABN is an 11-digit long number that is used for identifying businesses to other businesses as well as Australian Taxation Office.
  • It is not mandatory to get ABN registration but problems may arise for your business if you don’t get one. For example, your payments due from other businesses may be 46.5% less if you don’t have one!
  • If you need Goods and Service tax credits, or GST, you will need an ABN registration before you get it.
  • Not everyone needs to apply for ABN registration; if your activity is a private recreational hobby or pursuit, then you don’t need to get one. Also if you are activity is as a member of any local government body like elected member of a shire council, town or city, then too you don’t need to get ABN registration.
  • Once you get your registration, it is not required to renew it. However, if you no longer need it for some reason, then you can cancel it as well.

We can conclude that getting ABN registration is a must when you are doing business in Australia.  Hence get one before your start your business!

Posted by: admin on July 15, 2011 @ 4:44 am
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How to Set Up New Emails in Outlook 2007 in Australia

Here are the steps to follow for checking different email accounts which include hotmail, yahoo and gmail. Microsoft Outlook 2007 is very easy to configure.

Click Tools -> Options

The following dialog box shall appear:

Click mail setup and then e-mail accounts button.

A new display shall come for creating a new e-mail account.

Click add new email account. Click next for the next screen to appear where details can be entered for e-mail account.

The above steps are enough to help you create and configure Outlook!

Posted by: admin on July 11, 2011 @ 3:19 am
Filed under: Uncategorized

How to Set Up New Emails in Outlook 2010 in Australia

To launch Outlook 2010 -> Click Office button -> Account Settings

The following window shall be displayed with different tabs. In case there are multiple tabs, all of them will be here.

New .. -> Allows you to configure a new e-mail account.

Repair -> Lets you repair your original Outlook 2010 settings.

Change -> Modify the settings of your email account.

In case there are multiple accounts, you can easily set up any account by clicking “set as default”

To remove any e-mail account –click delete.

Check the bottom section of the window and you will find the path of the data file. This data file shall help to restore all your emails, in case there is a disaster situation.

Launching the Wizard to view and modify configured e-mail settings:

Fill in the appropriate information in the window.

If you are looking for more options, click More Settings button

Under the General TAB put in the name which appears on previous menu listing and also the name of your organization and reply e-mail address.

This lets you choose your connection settings:

This tab helps to control the control the port and encryption settings for your account.

Under Outgoing server tab, instruct Outlook 2010 for using authentication while sending emails. In case you choose to connect with some other service provider, you need to have this checked or else it is not required.

Connection Tab: This helps you to choose the connection.

Advanced tab allows you to control the port and encryption settings for your email account.

Posted by: admin on @ 3:14 am
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How to Check My ABN Registrations

The government of Australia issues different type of business identification numbers so that they can be used for filing all government documents. Most of the businesses in Australia register ABN Registrations through the Australian taxation office or through the Internet. Companies in Australia are suppose to know the ANB number appropriately, official documents and file taxes. The government of Australia has made all ABN information to be accessible in the Australian business register database when the company wants to view the details. The database has a look up tool for all ABN files as well as other indification numbers of the company. The company or business can use the online ABN lookup to be able to check all its ABN numbers.

Things which you will require fast are: fast Internet access and identification documents of the company. In the Australian government website you need to access the welcome to ABN lookup on the page. With the ABN look up tool check the ABN number on the webpage. To be able to check your ABN number what you have to do is to enter the name of your business in the search box. Also on the webpage at the top right there is a quick search box on the website trying using it also. Then enter your ABN registration and on the right side there is an icon which has been written search, click on it so that it can bring results.

Each and every listing has a postcode, territory of the business and ABN number. Besides that the tool also lists the trading name, entity name and other names which have been associated with ABN registrations. Note whether the ABN number has been cancelled or it is functioning as required. If the number has been cancelled you have no option rather than to apply for a new ABN number on the same website. There is also a quick advanced option which you can use it is faster than the other option for applying and checking your ABN number.

If your business is so popular in Australia then obtaining ABN registrations is very simple. For business or a company which is not recognized the process can take a little longer a lot of patience is required. Before you even start applying check the requirements just to be sure that you have everything which is required so that the process will not turn out to be a headache.

Posted by: admin on June 25, 2011 @ 2:17 am
Filed under: Uncategorized

The importance of ABN Registrations and ACN Numbers

When applying for a business company in Australia what you will be issued with is an Australian Company Number and it will be specifically for the company alone and it is suppose to be different from ABN Registrations. Once the company application is approved you will get your ACN issued by the Australian Securities and Investments Commission. ABN Registrations are normally issued by Australian business register and ACN is issued by ASIC.

The government of Australia uses ABN number to be able to verify details of your company which help in streamlining communication within government agencies like taxation department effectively. Using the ABN look up the public can also help in verifying all your company details using the Internet. This is very useful to you especially if you are dealing with a certain company and when it reaches a point of correcting the name of the invoice.

If your business has an ACN there is no need of obtaining an ABN. Although there are circumstances where an ABN is necessary. In situations like when the annual turnover of a company is over dollar seventy five the law requires that you have to register for the goods and services tax (GST). In order to register for GST the company is required to supply ABN to the Australian Taxation Office. But if the company has a turnover of less than dollar seventy five then ABN registrations for ABN and GST is optional.

For companies which are non profit organizations with an annual turnover of less than dollar one hundred and fifty thousand and even more than this figure, then it is vital for the company to register for GST purposes and ABN. If a company has a ABN it will prevent other entities from deducting the pay as you go and this will withhold tax from the payments which are suppose to be for the company. Another advantage is that the company can be able to claim more like energy grants. It provides a clear indification for other businesses and companies so that they can be able to contact you. Also the ABN is vital because it makes work easier for the company when it comes to dealing with government agencies and in conducting its business with different type of entities as well.

Applying for ABN Registration is a very simple procedure. What you need is Internet access, a computer and following the right procedure. The process is free no website is suppose to charge you. After you finish the ABN application process online the company ABN number might be released straight away.

Posted by: admin on @ 2:16 am
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How to Apply For ABN Registration in Australia

If you are starting a business or you already have one whether it is in Australia or any other part of the world, you need to first understand the importance of marketing. When you are coming up with any type of business you must first think of a name which you will name the business and how you will appeal and divulge to a customer the core of your business.

When marketing the business you have to start by amid corporate identification first, the shape of a logo and a quantity business card which has been designed and printed with ABN number. The second step will be to come up with leaflets, flyers, and posters and a website. For your business to be successful marketing needs to take place so that potential customers can be familiar with your business. If you use good marketing strategies of the way you are going to market your business then within a very short time your business is going to expand. But if use poor marketing strategies then your business will not thrive. Marketing a business helps so much, without marketing customers will not purchase your products and enjoy your services. You can be able to get more clientele if you have successful marketing strategies and it serves as a window of opportunity because it will make your business to be boom.

According to statements which were made by World Bank the best place or country to conduct business is Australia. If you apply effective marketing measures in this country it is very easy to initiate a new business and be promoted effectively. Features like applying for ABN registration, hiring employees, processing of paperwork and other activities are fast processes which are done in Australia. For business brilliance Australia is the leading destinations.

When an aspirant who wants to set up a company or any kind of business in Australia you must register the business and also get the Australian business number. For state level ABN registration use search engines like Google. Abnregistrations.com is one of the best website in Australia which can assist you in achieving your ABN number and how the process is done. Electronically you can be able to apply for ABN registration through the website mentioned above or you can use the Australia government business website. If you have no idea about computers use a tax agent to take you through the whole process.

Posted by: admin on @ 2:15 am
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Importance of ABN Registration for wholesalers

If you are an Australian you keep on asking yourself do i really need an ABN registration or the Australian business number to be able to carry out all business transactions with Australia wholesalers? The answer here is yes. If you have the ABN number you can be able to purchase from any genuine Australian wholesaler. There are also a few authentic Australian wholesalers who will not sell their goods to consumers who do have ABN numbers.

The reason why a wholesaler can refuse to sell goods to a potential consumer is because a wholesaler knows a potential consumer through the ABN number. The number helps to verify the business entity of the consumer. Also the number is vital because it makes sure that the consumer is truly a business holder and not an end user endeavoring to get a discount on items. There are certain Australia wholesalers who transact with consumers who have an ABN number while there are others who do not.

Australian wholesalers their main purpose is to sell their product to retailers of their own country and not to end user or the common people. If a wholesaler starts selling items to common people and dodging retailers, the wholesaler will make retail people to be furious and the value of retail shops and stores will reduce drastically. Besides that the wholesaler will be cutting down and stealing the market share of retailers which is not a good business attitude.

There are a number of wholesalers and distributors in particular the ones who are dealing with popular brand name items; they will also like to make certain that their items are only stocked by people who can be trusted. They do this by ensuring that they sell their goods to consumers who meet certain requirements only like: ABN number and a business name. These types of features help wholesalers to ensure that their items can be found at outlets thus maintaining the quality standard which is required.

Any person who is an Australia inhabitant for mainly tax reasons can be able to apply for an ABN registration without paying any fee while aspirants require a tax file number so that they can qualify for the ABN number for registration purpose. If you require more tips about the process there are different types of magazines and newspapers which talk about ABN registration and how you can be able to get one if you are a foreigner.

Posted by: admin on @ 2:12 am
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An Overview of ABN Registration

A business enterprise includes everything and this regards giving concrete forms to all business inventive dreams as well as vision. When you start a business it can be a rewarding experience, time consuming and difficult. But if there is proper planning you will realize that coming up with a business enterprise is a very simple process. Business planning will drive a very smooth business launch and expand within a very short time. If you want to start a business in Australia what you need to have is an ABN Registration. In Austria, ABN registration is the most vital requirement and it may take a long time to be approved. But if you keep yourself in line with the requirements which are required the ABN number can be achieved easily. To qualify to conduct business in Austria this number is required.

ABN is an eleven digit identifying number in which most businesses use when they are dealing with other type of businesses. The sales in which you make you need to put ABN number of the invoice and other personal documents if you fail to do this other businesses will withhold 46.5% from payments which you make. To be able to register for ABN a tax file number is not needed. But if you have a TFN is good because it will reduce the risk of administrative errors when you are dealing with the tax office. The ABN number is also needed when dealing with the Australian Taxation Office and different areas of government. ABN registration is not a must but you require one to be able to register for GST.

There are advantages when your register with ABN. The benefits are: you will be able to facilitate a single business activity statement, be able to confirm your business identity with others when involving and ordering, you will avoid paying taxes on payments which you receive and be able to obtain an Australian domain name. The registration is usually done online through the Australian business register.

If you have opened an entity and it is operating different types of businesses like a café, a take away food delivery services as well as news agencies from different types of premises it’s only one ABN which will be in operation and it will cover all these activities. In order for you to receive the ABN number you must be entitled to this: the company must be registered under the corporations law in Australia, the company must be a government entity or an entity which is carrying out an enterprise within Australia.

Posted by: admin on @ 2:08 am
Filed under: Uncategorized
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