FAQ
Query 1
What is ABN
If you’re starting a new business you may need an Australian business number (ABN). Not everyone is entitled to an ABN, so the registration process will ask specific questions to
determine your entitlement to an ABN.An ABN comes with its own set of obligations. You may be required to:
determine your entitlement to an ABN.An ABN comes with its own set of obligations. You may be required to:
If you’re starting a new register for goods and services tax
lodge activity statements to us
register for PAYG withholding and meet your super obligations for eligible employees
meet other federal, state and territory regulatory obligations such as payroll tax, worker’s compensation, and operating licences.
Once you have your ABN, you can deal with us online by connecting your ABN to your myGov account or through the Business Portal using your AUSkey. You can register for your ABN,
AUSkey and any tax registrations at the same time through the Australian Business Register (ABR) website.
AUSkey and any tax registrations at the same time through the Australian Business Register (ABR) website.
Query 2
What are the Consequences if not registering for GST
If you are not registered and are not required to be registered for GST:
• GST is not included in the price of your sales
• you cannot claim GST credits for the GST included in the price of purchases you make in carrying on your activities.
Query 3
Benefits of Simpler BAS
Simpler BAS reduces the complexity of GST bookkeeping and reporting, and in doing so reduces compliance costs. It makes the GST account set-up, ongoing bookkeeping,
BAS preparation and lodgment more simple.
Simpler BAS makes it easier for businesses to do their bookkeeping for transactions that have both GST taxable and non-taxable items.
For users of accounting software, it is easier to classify and code GST transactions and prepare and lodge your BAS.
For example, a café owner who has a supermarket receipt with over 100 mixed supply items now only needs to enter the total amount of the invoice and GST paid. This means they
spend less time capturing mixed invoices that have GST and GST-free items on their accounting software.
With Simpler BAS, less information is required, meaning the data provided is more accurate with fewer adjustments.
BAS preparation and lodgment more simple.
Simpler BAS makes it easier for businesses to do their bookkeeping for transactions that have both GST taxable and non-taxable items.
For users of accounting software, it is easier to classify and code GST transactions and prepare and lodge your BAS.
For example, a café owner who has a supermarket receipt with over 100 mixed supply items now only needs to enter the total amount of the invoice and GST paid. This means they
spend less time capturing mixed invoices that have GST and GST-free items on their accounting software.
With Simpler BAS, less information is required, meaning the data provided is more accurate with fewer adjustments.