MAA103 Lecture Notes - Lecture 6: Lodgement, Current Liability, Deakin University

• School: Deakin University
• Department: Business and Law
• Course: MAA103
• Professor: Peter Vuong

Document Summary

Gst is abroad based consumption, and it applied to the majority of transactions in. Australia with the business acting as indirect tax collectors. The abn is the public registration number for the gst. It is not mandatory for a business to have an abn, but no abn means no gst credits. As far as registration is concerned, there are: (1) those who cannot be registered (2) those who can be registered, but are not required to be (3) those who are required to be registered. Depends on: who you are and what you do. Optional: entitled to abn and turnover is below threshold. Must: aggregate turnover > ,000 or ,000 for nfp organisations, taxi drivers. You need to have an abn to be registered for gst and claim back gst paid and without one other businesses will not be able to claim their tax credits on your supplies. Gst input credits are claimed back from the ato.