GST is one of those tricky things, its existence keeps us in our jobs, but for small business it causes endless frustration and confusion.
GST or Goods and services tax is not clear cut nor is it black and white. For this reason it is important to be aware of those areas where GST free items may play a role in your small business.
We have put together a quick list of items, fees and charges that are GST free or have not reportable GST for you to use as a quick reference guide. Perhaps refresh yourself on areas of your business where you assumed an item had GST.
Keep in mind that these are the main ones and there are more out there. If you would like to add to our list please feel free, as this list can become a very useful resource for others to draw from, as we attempt to make the GST a little less fuzzy around the edges.
GST Free Items:
- ASIC fees
- Bank Fees
- Gift cards
- Council Rates, Water Rates
- Stamp duty portion of Insurance – car/business
- Vic Roads Registration Fees
- Milk, bottled water, packaged tea & coffee
- Some training
- Purchases from overseas
- Donations
- Some First Aid Supplies
- Medical Supplies
- Expenses relating to Residental Rental Properties
- Entertainment Expenses
- Hire Purchase Loan Payments
- Motor Vehicle limits maximum claimable $5,183 due to the luxury car limit of $57,009
- Wages or Superannuation
