How do you calculate the GST in Australia for your business?

[Roberts021]

How do you calculate the GST in Australia, specially when you have registered your business for GST collection? Do you do it manually or use a gst calculator?

 

[SYD]

All the usual suspect accounting software products do it for you. They’re usually pre-coded for correct application GST and GST-free for both sales and inputs. They’ll also do your BAS calculations.

 

[Quickstatus]

Welcome @Roberts021

I suggest subscribing to Xero accounting software.
For Each transaction line select a tax code .
GST
GST free

 

[Freq Flier 2013]

How do you calculate the GST in Australia, specially when you have registered your business for GST collection? Do you do it manually or use a gst calculator?

Talk to an accountant prior to registration

 

[SYD]

Talk to an accountant prior to registration

That’s certainly sound advice for the broader questions of setting up as a Sole Trader or Company etc.

I spoke to my accountant and got some sh$t advice and now pretty much locked into MYOB (a PITA to switch now).

Anyone with an ounce business acumen can also do self help with research on Support for businesses in Australia | business.gov.au

and other resources.

 

[Pushka]

That’s certainly sound advice for the broader questions of setting up as a Sole Trader or Company etc.

I spoke to my accountant and got some sh$t advice and now pretty much locked into MYOB (a PITA to switch now).

Anyone with an ounce business acumen can also do self help with research on Support for businesses in Australia | business.gov.au

and other resources.

We were in MYOB for 25 years. Around when GST started. I switched to Xero 15 months ago. I blame @Quickstatus And the MYOB price increase. Xero migrated all the data but really you only need the last financial year, after I'd made some adjustments and was up and running last financial year. I'm still noticing some differences and myob was better in some areas but Xero is so much better in so many more ways including price. And I spend so much less time doing the books.

 

[SYD]

We were in MYOB for 25 years. Around when GST started. I switched to Xero 15 months ago. I blame @Quickstatus And the MYOB price increase. Xero migrated all the data but really you only need the last financial year, after I'd made some adjustments and was up and running last financial year. I'm still noticing some differences and myob was better in some areas but Xero is so much better in so many more ways including price. And I spend so much less time doing the books.

For my needs, I believe MYOB is probably still cheaper than Xero. But there was a period of wailing and gnashing of teeth as MYOB ported to a new platform. We gained some improvements, but lost others - “Budgets”!

My accountant recommended it but when I said I’d signed up and that they had accountant online access, he said “Oh no, I don’t actually use it”…

 

[Pushka]

For my needs, I believe MYOB is probably still cheaper than Xero. But there was a period of wailing and gnashing of teeth as MYOB ported to a new platform. We gained some improvements, but lost others - “Budgets”!

My accountant recommended it but when I said I’d signed up and that they had accountant online access, he said “Oh no, I don’t actually use it”…

Our accountant said I was the only client still using MYOB . Think I should get a deduction for enabling him to cancel myob access just for me. Oh. Is that a pig flying past?

 

[Roberts021]

Thanks for your great suggestions, So here is the thing, first, my business needs to meet the threshold right? It is AUD75K turnover I think. In addition, at this point, I am considering free resources. like on the web, there are tons of calculators available to calculate the Australian GST like this one GST Cal - Easy & Accurate Australian GST Calculator. But the issue is that we can not embed them on our store, like I have to do it manually for every transaction but yes they are totally free.