How to fill out GST Application form – Step by Step Guide – You must lodge a Goods and Services Tax (GST) return every three months as a business owner. This can be a daunting task, especially if you’re new to business or don’t have an accountant.
To make things easier, we’ve put together a step-by-step guide on filling out the GST application form in Brisbane.
Table of Contents
Step One: Download the relevant form
The first step is downloading the relevant form from the Australian Taxation Office (ATO) website. There are two main types of GST return forms:
The Business Activity Statement (BAS): This form is for businesses with a turnover of less than $20 million per year.
The Instalment Activity Statement (IAS): This form is for businesses with a $20 million or more turnover per year.
You can also download a GST return form if you’re registered for GST but don’t have to lodge a return (e.g., you’re a non-profit organization). If you’re unsure which form to download, you can use the ATO’s online lodgment tool to help you decide. Additionally, you can speak to your accountant or a registered tax agent.
The next step is to enter your business details into the form. This includes your:
- ABN (Australian Business Number)
- Business name
- Branch number (if applicable)
- Contact name
- Phone number
Step Two: Gather your supporting documentation
Once you’ve downloaded the relevant form, you’ll need to gather all the supporting documentation required to complete the form.
- Your invoices and receipts: You’ll need to have all your invoices and receipts from the past three months to complete your GST return. If you’re registered for GST, ensure that all your invoices include your GST registration number.
- Your bank statements: You’ll need to provide copies of your bank statements for the past three months to reconcile your GST account.
- Your payroll records: If you have employees, you’ll need to provide copies of your payroll records for the past three months. This includes PAYG payment summaries and superannuation reports.
- Any other relevant documents: You may need to provide other supporting documentation, such as contract agreements or tax invoices.
If you’re using an accountant or bookkeeper to prepare your GST return, they will usually request this documentation from you in advance.
Step Three: Complete the form
The next step is to complete the form. This involves entering your business details, such as your ABN (Australian Business Number), and providing information on your sales, purchases, and GST paid or collected.
You can find detailed instructions on how to complete the form on the ATO website. If you’re using an accountant or bookkeeper, they will usually prepare the return.
Step Four: Lodge the form
The final step is to lodge the form with the ATO. This can be done online, via post, or in person at a service center. If you’re lodging the return yourself, you’ll need to pay any GST owed. However, if you’re using an accountant or bookkeeper, they will usually lodge the return on your behalf.
Step Five: Keep records
Once you’ve lodged your GST return, it’s important to keep all your supporting documentation for at least five years. This will help you if the ATO audits your return.
This is a general guide on how to fill out GST application forms in Brisbane. Please refer to the ATO website or speak to your accountant or bookkeeper for more specific instructions.