Small Business Tax Dictionary
You didn't get into business to become a tax expert. So use our helpful guide to understand all the terminology instead
GST (Goods and Services Tax) AU
The Goods and Services Tax (GST) is a value-added tax in Australia levied at a rate of 10% on most goods, services, and other items sold or consumed within the country. GST is collected by businesses at each stage of the supply chain and ultimately paid by the end consumer. Businesses that are registered for GST must charge the tax on taxable sales and can claim credits for the GST paid on business purchases. Understanding and complying with GST regulations is essential for Australian businesses, as it affects pricing, invoicing, and reporting practices. Proper management of GST helps ensure financial accuracy and legal compliance, supporting business sustainability and growth.
