Frequently Asked Questions
These are some of our most frequently asked questions about business accounts and bookkeeping.
If you have a question that is not on this list, please feel free to Contact Us and ask.
What does ATO stand for?
Australian Taxation Office.
What does BAS stand for?
Business Activity Statement
What does IAS stand for?
Instalment Activity Statement
Where is the login for MyGov?
GST & BAS
What is our My Great Bookkeeper BAS Agent number?
Our BAS Agent number is 26110827.
To check if a BAS Agent is registered, visit the Tax Practitioners Board.
What is the Formula to calculate 10% GST Exclusive Amount (GE$)?
The GST Exclusive Amount = GST Inclusive Amount divided by 11, multiplied by 10. GI$/11 x 10.
For example: $77/11*10 = $70 GST Exclusive
What is the Formula to calculate 10% GST Inclusive Amount (GI$)?
The GST Inclusive Amount = GST Exclusive Amount times 1.1
GE$*1.1 = GI$. For example: $62*1.1= $68.20 GST Inclusive
What is The Formula to calculate 10% GST on top of Sales Amount (S$)
Total Sales Amount times by 10% = 10% GST – S$*10%=GST Example: $32*10%= $3.20
How do I know if I need to register for GST?
If you have gone over the GST Threshold or are about to go over. Budgets and projected cashflow forecasts are a good way to monitor if you need to register for GST. If you have a lot of start up assets to purchase known as capital acquisitions you may want to claim the imputation credits and will need to be registered for GST.
When do I register for GST?
You need to register within 21 days of GST turnover exceeding the threshold, you will need to back date your GST registration to the date you go over the threshold.
Help I have gone over the GST threshold what do I do now?
You must back date your registration to the day your turnover exceeded the threshold. You may have to absorb the cost if you did not charge GST on the sale, monitoring your financial year turnover can prevent this.
How do I registered for an Australian Business Number (ABN)?
We can do this for you or Click Here
How do I register for GST?
To register for GST, fill out our simple one-page form, it takes on average 2 minutes. Submit and we will check it. We process it with the ATO and confirm your registration usually within 4 hours. Coming Soon – but don’t wait call us or Click Here
What is the Threshold for GST?
For business or enterprise $75,000 or more – see Working out your GST turnover non-profit organisation has a GST turnover of $150,000 per year or more
How do I calculate my GST Threshold?
Your GST turnover is essentially your gross business income excluding GST included in sales, any sales that are not for payment, input-taxed sale, and sales not connected to Australia. To calculate whether you are over the threshold you simply take away any of the exclusions from your gross business income.
To determine if you meet the threshold look at your current GST turnover and your projected GST turnover. If turnover for the current month plus either the previous 11 months, or future 11 months equals $75,000 you must register for GST.
How do I create a My Gov Account?
Got to My Gov webste and click on the “Create a myGov account” link
How do I link My Gov to the ATO?
Please follow the steps outlined here