At Glance Consultants our experienced team is committed to providing a personalised service to meet our clients’ diverse needs. We offer up-to-date, tailored advice and take great pride in ensuring our clients are well-equipped with the knowledge & skills they need to succeed. Read More
Our Services
We provide a tailor made service to our clients to meet their specific needs.
Business Taxation Services
- Business Taxation Advisory & Planning
- Taxation Audit Support and Australian Taxation Office Liaison
- Preparation & Lodgement of Annual Taxation Returns
Business Advisory
- Management & Financial Reporting
- CFO Services
- Strategic Business Advice & Planning
- Due Diligence Process – Purchase of Business
- Cashflow Management, Forecasting and Budgeting expertise
Individual Taxation Services
- Taxation Advice & Planning
- Preparation & Lodgement of Annual Taxation Returns
- Taxation Audit Support and Australian Taxation Office Liaison
Self-Managed Super Fund
Taxation
- Formation of Self-Managed Superannuation Funds including all required registrations
- Financial Statements and Returns including the preparation of Annual Accounts, Member’s Statements, Income Tax and Regulatory Returns
- Self-Managed Superannuation Fund Audits
Audit and Assurance
- Self-Managed Superannuation Funds (“SMSFs”)
- Owners Corporations
- Solicitors’ Trust accounts/External Examination for Lawyers
- Real Estate Agents’ Trust accounts
Bookkeeping Services
- Xero Accounting Software Integration
- Bank account and credit card reconciliations
- BAS Services
- Payroll Services
Wealth Creation & Risk
Management
- End to end Financial Planning
- Residential, Personal and Business Finance
- Insurance
- Property
Latest News
Client Testimonials
Glance Consultants provided us with invaluable guidance in setting up our unit trust and corporate trustee. We also use their expertise on an ongoing basis for both our business and individual accounting needs. Kavi and the team are always ready to answer our questions. We have no hesitation in recommending their services.
Just wanted to mention how happy I was with your service. Thank you very much for your quick turnaround and a very healthy return, appreciate that you made it so simple and painless. Highly recommend to anyone else who is interested in getting their tax done .
Understanding goods and services tax
When registering a business in Australia, you would need to think about the types of taxes that would apply to your business. Many business owners are confused about which taxes they should pay and when they should pay them. Goods and Services Tax (GST) is one of those taxes that can be confusing for some business owners — especially for first-time business owners.
What is Good and Services Tax
Goods and Services Tax (GST) is a 10% value-added tax placed on most services and goods sold within the country. We say most, as there are some exceptions, such as select housing and health items, and particular food. Some long-term accommodation may also be exempted and may only be taxed at 5.5%.
If you’ve registered your business for GST, you should include it in the price you charge for your goods or services. You can also claim GST credits for applicable goods and services you purchase for your business.
Why Is It Important to Know
Understanding GST helps you decide whether it’s time for your business to register for it or not. Additionally, it will help you determine when to charge for GST and when you shouldn’t.
Some GST-free products and services are:
- Basic food
- Select medicines
- Select childcare services
- Select health care and medical services
- Select medical appliances and aids
- Select charitable and religious activities
- Accommodation, meals, and supplies of those living in retirement villages by select operators
Should Your Business Register for GST?
Not all businesses or organisations need to register for GST. Businesses with a GST turnover of at least $75,000 must register. For non-profit organisations, you would only need to register if your GST turnover is at least $150,000.
Businesses offering limousine or taxi travel like OLA, DiDi, and Uber must register for GST, regardless of their GST turnover.
Do you want to claim fuel tax credits? Consider registering your business for GST regardless of your GST turnover.
How to Register for GST
Do you already have an Australian Business Number (ABN)? If yes, we are able to register your business for GST.
If you do not have an ABN yet, you can register for ABN and GST simultaneously.
Once your business is registered for GST, you would need to provide tax invoices specifying the invoice total and GST component. Additionally, you must obtain tax invoices for purchases made for your business so you can claim GST credits. A robust accounting software should be maintained for this purpose.
Lodgement & Payment Requirements
On a monthly, quarterly or annual basis, your net GST payable or receivable figure would need to be calculated, reported and lodged via a Business Activity Statement. Lodgement and payment (if applicable) would be due within certain deadlines depending on the BAS (Business Activity Statement) cycle your business is on.
GST does not have to be complicated. Let us assist in managing your GST obligations. Call us at 03 9885 9793 or email enquiries@glanceconsultants.com.au to see how we can help you.
