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How To Calculate Australian GST? • freegstcalculator.com.au
Introduction to GST • What is GST? • A Value Added Tax (VAT) on Most Goods and Services • 10% GST Rate in Australia
Calculating GST • GST Calculation Formula: • GST Amount = Total Price x 10% • Example: • Product Price: $100 • GST Amount: $100 x 10% = $10 • Total Cost Including GST: $100 + $10 = $110
Input and Output Tax • Input Tax Credits (ITCs): GST Paid on Business Expenses • Output Tax: GST Collected from Sales • Net GST: Calculated by Deducting ITCs from Output Tax • Businesses Submit Net GST to the ATO
Compliance and Reporting • Businesses with GST Turnover ≥ $75,000 Must Register for GST • Regular Reporting: Business Activity Statements (BAS) • GST Reporting Periods: Monthly, Quarterly, or Annually • Accuracy is Key: Penalties for Incorrect Reporting