The GST margin scheme lets you pay GST on the profit margin of a property sale instead of the full sale price. On a property bought for $600,000 and sold for $1.1 million, the standard method charges GST on the entire $1.1 million — that’s $100,000. The margin scheme charges GST only on the $500,000…
A GST-inclusive price is the total amount a customer pays, with the 10% GST already baked in. A GST-exclusive price is the base amount before GST gets added. The dollar figure changes, but the GST itself is identical. A $1,000 ex-GST job and a $1,100 inc-GST job are the same job — the only difference…
You divide by 11 because a GST-inclusive price is made up of 11 equal parts — 10 parts base price and 1 part GST. The GST isn’t 10% of the total. It’s 10% of the original price before GST was added. That’s a different number, and mixing them up is the single most common GST…
You don’t need to register for GST as a sole trader unless your business turns over $75,000 or more in a rolling 12-month period. Under that, it’s optional. Over it, you’ve got 21 days to register or the ATO can hit you with backdated GST and penalties. That part is straightforward. What trips up most…
Most basic food in Australia is GST-free. Bread, fresh fruit, vegetables, raw meat, eggs, milk, rice, flour, canned fish — none of these attract the 10% GST. But the moment food is prepared, heated, or sold for eating on the spot, GST kicks in. So is there GST on food in Australia? It depends on…
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