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Some key pieces of information you need to include in your invoices:
- The words ‘tax invoice’ should be somewhere clear on the page
- The buyer’s identity or ABN (optional if the sale is less than $1000)
- A brief description of the goods or services you’ve sold
- Date invoice was issued
- The seller’s name
- Your ABN
- The pre-GST price
- The amount of GST added
- The total cost to your buyer
You have to tell the ATO how much GST you’ve collected from your sales income. You’ll report your GST in your Business Activity Statement (BAS). How often you report your GST depends on your annual turnover.
- Monthly – if your GST turnover is $20 million or more.
- Quarterly – if your GST turnover is less than $20 million, and the ATO hasn’t told you that you must report monthly.
- Annually – if you’re voluntarily registered for GST and your GST turnover is less than $75,000 ($150,000 for not-for-profit organisations).
Single Touch Payroll (STP) is a new way of reporting payroll information to the Australian Tax Office. Businesses used to report this information to the ATO once a year.
Now, they need to send a report after each pay day. And those reports must be submitted using a solution that is Single Touch Payroll compliant, such as payroll or accounting software.