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GST Compliance Review (ICB Checklist) - PDF

GST Compliance Review for Business: Entity _________________________ Date______________
ABN Review:
ABN History:
GST Reg History:
Annual Turnover*
What is the ABN?_________________________________ Check www.abr.gov.au Entity name_____________________________________
Is ABN still current?
Yes when____/____/____
No: Expired when_____/_____/_____
GST Registration current?
Yes when ___/____/_____
No: When expired_____/_____/______
Register GST
Today: Is Business GST registered  Yes /  No Action Required 
Not Required but may
 CHECK if reached threshold – MUST register within 21 days of $6,250 monthly sales
>$75,000 or
>$150,000 Non Profit
Registered for GST
 Invoice 10% GST Inclusive or Exclusive
 Invoice Free Goods/Svs – What type of FRE supply ___________________(See Table of FRE Supplies)
 Invoice Outside of Australia (Export) and /or  Import Goods into Australia
 Invoice/Receive Rental Property Income (ITS/INP)- Commercial or Residential (Circle)
 Used by Food Retailers
**Simplified Accounting
Method (SAM)
Different GST Methods
Annual Turnover*
<$2m 
 GST Cash or
 GST Accrual
 CHECK Turnover Quarterly, if threshold is breached notify client and accountant – cash reporters must
change to accrual
>$2m 
Must be GST Accrual Basis
 Retirement Villages
 Agents, Invoice on behalf of others and/or receive payments on behalf of others
Current Basis: Cash  / Accrual 
Deferred GST Scheme
(Must be an Import)
 Must elect GST Accrual basis
 MUST Lodge Monthly to use the scheme
 MUST Lodge Electronically(Business Portal) to use the scheme
Annual Turnover*
<$75,000 or
<$150,000 (Non-Profit)
>$75,000 <$20m
Annual Turnover*
Annually is possible
Must change to
 Annual
 Quarterly
 Monthly
Using STS Today
<$2m Current Year & Prev
And/or Assets <$6m
STS Accounting
(Small Business Entity
Quarterly or Monthly
Monthly & Electronic only
Action Required 
Current: Annual  / Quarterly  / Monthly 
Action Required 
Lodge Via  Accountant
 Paper themselves
 Business Portal / ECI
 BAS Agent Portal / ECI
Currently  Yes /  No
Action Required 
 Option to pay GST in instalments and lodge an annual GST return
*Turnover includes all income earned in the ordinary course of business for the income year. Turnover refers to your gross income or proceeds, rather than your net profit. It doesn’t include any goods and
services tax (GST) amounts you have charged on your sales. Aggregated turnover is the sum of your turnover for an income year and the annual turnover of any entity you are connected with or that is an
affiliate of yours at any time during that income year. There are aggregation rules that determine whether you need to include the turnover of another entity in your aggregated turnover. You satisfy the
turnover test for the current year if your aggregated turnover: was less than $2 million in the previous income year, or is estimated to be less than $2 million for the current year (provided that your aggregated
turnover was less than $2 million for one of the two previous income years), or is actually less than $2 million at the end of the current year.
**Simplified Accounting Methods (SAM) is a simplified method to calculate GST on sales and purchases of trading stock. There are five methods to choose from if you are eligible to use SAM:
1.Business Norms
2.Stock Purchases
4.Sales Percentage
5.Purchases Snapshot
How you estimate your GST
You apply standard percentages You take a sample of purchases
You take a snapshot of your
You work out what percentage
You take a snapshot of your
Free sales and/or purchases
to your sales and purchases
and use this sample
sales and purchases and use this of GST free sales you made in a
purchases and use this to
tax period and apply this to your calculate your GST Credits
ATO Reference: http://www.ato.gov.au/businesses/content.asp?doc=/content/14156.htm
MAIN GST FREE Supplies Include
Educational Supplies and Childcare
School and university fees
Certain coarse materials
Student accommodation
Professional and trade courses
Approved childcare
Health and Medical Care
 Services by medical practitioners and pathologists;
 Services by allied health practitioners such as physiotherapists, naturopaths, nurses and
Hospital treatment;
Disability services;
Medical aids and appliances;
Health insurance.
Fresh Food and Beverages
 food and ingredients for food for human consumption
 beverages for human consumption and ingredients for such beverages
 goods to be mixed with or added to food for human consumption (including condiments,
spicings, seasonings, sweetening agents or flavourings)
 fats and oils marketed for culinary purposes
 any combination of any of the above
Items specifically excluded from the definition of food are:
 live animals, except crustations and molluscs
 unprocessed cows milk
 unprocessed or untreated grain, cereal or sugar cane which is unchanged in form, nature or
 cultivated plants that can be consumed as food for humans without processing or treatment
In effect, the exclusions mean that food will not generally be excluded from the GST until they have
been processed or treated in some way. So sale of products by primary producers to processers or
treaters will be subject to GST