Goods and services tax

GST (or the goods and services tax) for a private business should be straightforward tax but can become complicated by the diversity of business transactions.

At its most basic level, if a business does not correctly record its GST paid (input tax credits on its taxable purchases), the cost of the goods and services tax in Australia becomes an actual cost borne by the business.

Bookkeeping and clean data matters with GST. So, using software solutions (like Xero) that can handle high volume transactions to identify and track the GST within your business is a fundamental base level of GST tax control. And ensuring that the GST recorded with your business ultimately winds up in your BAS reported to the ATO is the next step in the process – while ensuring you have evidence to support the underlying transactions if requested in an ATO review.

At Westcourt, our bookkeeping services are suited to providing cost-effective, timely and accurate BAS reporting that includes the correct amount of GST for your business.  And our tax automation technology, using cloud accounting, can help many smaller to middle market business steam-line GST management.

If a family in business is involved in real estate, overseas transactions, caravan parks, lending, or business sales: the GST law becomes more complex. Applying the GST margin scheme, going concern concession, GST farm concession, or deferred GST on imported goods can also be deceptively simple.

At Westcourt, we know that GST is often more profound than it appears, and we work to simplify that complexity. So, our intricate knowledge of the GST law and its peculiar application – especially in real estate – has given us the ability to legitimately create GST outcomes for clients that are unexpected, simplified and significantly add value to the life cycle. If that knowledge is then extended to other similar but different areas of the law, the outcomes can be increased. This could include consideration of builders, the principal residence exemption, lower rate GST charges for caravan parks, input taxed supplies, the change of intention of property assets, financial supplies and creation of permanent establishments for income tax with supplies connected to Australia.

At Westcourt, our services are suited for GST advisory because:

  1. We are a sole focus firm – so our training and development are controlled and pointed towards GST issues relevant to families and small(er) scale property projects.
  2. Our tax leadership within the profession gives us a significant advantage in understanding the GST tax benefits available to high net wealth, privately owned, family businesses.
  3. We have dedicated GST specialists within our firm who are committed to GST advice.
  4. Our access to GST specialists internationally through the GGI Global Alliance Network gives us a whole tax approach to GST transactions done internationally.
  5. We have dedicated BAS process automation staff focused on efficient BAS preparation.

Other Tax Law Advisory Services

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