Understanding the Basics of Australian GST
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Understanding the Basics of Australian GST
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Hello and welcome to this "Understanding the Basics of Australian GST" episode, this is a place, where we simplify complex financial topics into smaller and easy-to-understand topics, that said, today, we are gonna talk about the Australian GST, the current GST rate in Australia, when it was introduced, the registration threshold and much more.
GST refers to Goods and Services Tax, which applies to both goods and services sold in Australia, The current GST rate is 10% in Australia. The GST is the cornerstone of the Australian TAX system and it wan introduced in 2000- Like I said, this tax is applied to nearly all goods and services consumed in Australia. From a business point of view, The GST entail both collection and payment. Therefore, All the business which are registered for GST must include this tax in their price of goods and services. it is also advisable to calculate the gst upfront to ensure accurate pricing. Businesses can calculate the GST manually, or use any smart Australian GST calculator.