Tax Tip #12: Claim your GST credits

If you're a business that charges their customers goods and services tax (GST), you will need to report and pay GST amounts as well as claim GST credits via the ATO, as the money collected isn't part of your income.

You can do this on a monthly, quarterly or annual basis depending on how much GST you collect. For instance, if your business collects less than $75,000 per year you can report GST each month, quarter or yearly; but if your GST turnover is $20 million or more, you must report this monthly. You will still have to report at least annually even if you do not collect any GST during a particular period.

Reporting obligations and deadlines also vary with the frequency at which your business chooses to report. You should note that on a monthly reporting basis, the due date is 21 days after the end of each month and all sales, exports, purchases and GST on sales and purchases must be disclosed. For businesses that report yearly, the due date is 30 June 2012 but if you don't need to lodge an income tax return the due date is 28 February 2013.

Check with your tax agent or the ATO website  for further details.

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