GST will save you $100 on your next purchase from 8 April.
The Goods and Services Tax (GST) will cost $7.50 from 8am on April 1st.
Advertisement Advertisement The tax will mean you’ll save $100 off your next $100 purchase, meaning you can save up to $300 on your shopping.
The GST is one of Australia’s biggest tax concessions.
It means a business can keep up to a 50 per cent reduction on the tax paid to the state and territory governments.
“It’s important to be aware of your GST bracket,” Dr John Tuckwell, CEO of the GST Council, told News.au.
“You’ll want to check with your business tax accountant before making any big purchases.”
The GST will help businesses keep their costs down, which means you’ll be able to pay more in taxes.”GST applies to goods and services sold in the states and territories.
For example, if you’re a retailer who sells in Victoria and New South Wales, your GST will apply to your sales in both states.GST will also affect your business’ financial health.
Dr Tuckwood said there were two major consequences for businesses.”
One is if you have a good GST base and you don’t have to pay any taxes, it can help the business make a profit,” he said.”
Secondly, if GST is higher, there is a possibility of an increase in the amount of money you’ll have to spend on goods and a decrease in the cost of goods and other costs.
“Greens leader Senator Sarah Hanson-Young said it was important to ensure businesses were aware of the tax.”
If a business is already paying tax on their GST, it’s not going to affect them much because the GST is paid to their state and local governments,” she said.
But the National Farmers Federation said it did not recommend businesses make any major purchases.
They said the government should consult with farmers first before making large purchases.
Gardens, lawns, lawnmowers, garden tools, garden chairs, gardening supplies and other gardening equipment are included in the GST.
Dr Tuckfield said if a business makes an acquisition and then re-uses the product, the GST would be deducted.”
There is a difference between a re-sale and a use.
If you use something you bought and re-sell it, the value of the product you bought is lost.
If a business re-sales the product they bought, then the GST will be deducted,” he explained.”
We want to encourage people to make informed purchases.
“The GST Council says the tax is available to all Australian businesses, regardless of where they source their products.
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