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ICB Resource Kit

All processes and Knowledge about GST and BAS Preparation for a Business.

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Useful for:

All bookkeepers, BAS Agents and Businesses. (Please note that items that are unique to the role of BAS Agents are included in the BAS Agents Knowledge base)

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Context Introduction

The Goods and Services Tax (GST) is formally and intentionally a consumption tax, a tax on the final consumption of a good or service.  It is created to be a tax on the ultimate end consumer and not a tax on business.

However every transaction between businesses or from a business to a consumer has to be considered for GST. The final amount of tax is collected at every transaction along the way.  Every Business acts as a collection agent for the government in relation to GST.  From the initial raw supply of the base item through to the final sale and consumption of the end product GST may have been paid and refunded many times between the respective businesses and the tax office.

Business must consider whether the right paperwork has been created (Tax Invoices), whether GST applies (to charge or not to charge GST), whether the transaction has to be reported (the form), whether GST can be refunded (claiming credits) and whether to get help.

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GST Resource Library

• All Templates, Checklists and Authority Forms
• ICB Guide to GST
• ICB Guide to GST Reporting on the BAS
• GST Compliance Review Checklist - PDF | Word
• Policies and Procedures and Checklists for Governance of GST
• GST, the ATO Webpage
• GST Online Calculation Worksheet from ATO

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Detailed GST Knowledge Base

1. ABN, GST Registration and Tax Invoice Checking
2. Adjustment Notes
3. Amending a BAS
4. ATO - GST Common Errors Guide
5. Bank Charges and GST
6. BAS Preparation Checklist
7. BAS Reconciliation Process
8. Charities, Donations, Grants and Sponsorships
9. Commercial Accomodation and GST
10. Contra Transactions
11. Converting Accrual to Cash
12. Converting Cash to Accrual
13. Credit Card Statements
14. Deminimis Test (Financial Supply)
15. Deposits, Layby, Bonds and Part-Payments
16. Director Penalty Notices
17. Fringe Benefits Tax (FBT)
18. Fuels Tax Credits
19. Gift Vouchers and Sale Discount Vouchers
20. Going Concern, Sale of
21. GST and Government Related Entities
22. Health Check on GST Practices
23. Hire Purchase
24. Hospital Treatment
25. Imports and Deferred GST
26. Instalments PAYG (Income Tax) Common Errors
27. Introduction to GST (ATO Videos)
28. Judgements and Settlements
29. Leaving the GST System
30. Legislation Updates and Threshold Changes 2014
31. Loyalty Schemes and GST
32. Luxury Car Tax
33. Luxury Car Tax on the BAS (LCT)
34. Motor Vehicles and GST
35. National Disability Insurance Scheme
36. Oncosts and Disbursements - Agency vs Principal
37. PAYG Instalments
38. Private Expenses - Annual Adjustment Only
39. Recipient Created Tax Invoice
40. Refunds, Time Limits
41. Registering, Backdated
42. Retention Payments in the Building and Construction Industry
43. Second Hand Goods
44. Tax Codes, What GST Codes to use Where
45. Tax Codes in the Software
46. Tax Invoices and Suppliers, Checking
47. Tax Invoices, a Series of ATO Rulings
48. Tips and GST
49. Wine Equalisation Tax on the BAS (WET)

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FAQs

1. How often should I reconcile the BAS to the accounts

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External Resources

1. Importing and Exporting - Common GST Errors (ATO)

Updated: 17th June, 2014