BAS stands for business activity statement and is a form that businesses must submit to the Australian Taxation Office (ATO) on a regular basis. One of the key sections of your BAS is Schedule 1, which calculates your gross profit margin and thus determines an important component of your GST calculation. Gross profit margin represents […]
According to ATO Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. Is it compulsory for all businesses to register for GST? Not all businesses need to register for GST. Businesses with annual turnover of $75,000 or more must register for[…..]