Understanding GST for Businesses

About this course

GST touches almost every invoice a registered business issues and receives, so it's worth understanding the basics well. This course explains what GST is, how it appears on invoices, the terms you'll hear most often and the records you need to keep. This is general information only, not tax advice, so check the ATO website or speak to a registered tax agent for your situation.

What you will be able to do

• You'll be able to explain in plain terms what GST is and who generally needs to register
• You'll be able to read how GST appears on a tax invoice
• You'll be able to use common GST terms correctly in conversations with your accountant
• You'll be able to keep supporting records and know when to seek tax advice

Course outline

1. What GST Is

   8 min · Lesson notes, example, action task · 2-question quiz

   Goods and services tax (GST) is a broad-based tax of 10 per cent on most goods and services sold in Australia. Businesses generally collect it on behalf of the ATO, and registration is generally required once turnover reaches the threshold.
2. How GST Appears on Invoices

   8 min · Lesson notes, example, action task · 2-question quiz

   A GST-registered business issuing a tax invoice shows the GST separately, so the customer can see the price before and after GST. Learning to read these invoices helps you check both sales and purchases.
3. Common GST Terms

   8 min · Lesson notes, example, action task · 2-question quiz

   Knowing a few GST terms helps you understand invoices, BAS statements and advice from your accountant. This lesson covers the words you'll meet most often.
4. Keeping Supporting Records

   7 min · Lesson notes, example, action task · 2-question quiz

   GST returns rely on good records. Keep tax invoices, sales records and purchase records organised so that your BAS can be checked and completed accurately.
5. When to Seek Tax Advice

   7 min · Lesson notes, example, action task · 2-question quiz

   GST is simple in principle but can become complex quickly. Knowing when to seek advice from a registered tax agent or accountant protects your business from errors and penalties.
6. Tools you'll need

   6 min · Lesson notes, example, action task · 2-question quiz

   Most small businesses track GST with accounting software, a spreadsheet or both. Choose tools that match your registration status and your accountant's workflow.
7. Careers & next steps

   6 min · Lesson notes, example, action task · 2-question quiz

   GST knowledge is valued in bookkeeping, accounting, tax support and business administration roles. This lesson sets out where these skills lead and how to check what the work is worth.
8. Final quiz and certificate

   10 questions, pass mark 8 of 10. Pass to get your Reesby Academy certificate with a verification link.