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What is the standard rate of gst

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Reference no: EM133206331

Answer the following questions about GST.

  1. What is the standard rate of GST?
  2. List two items that do not attract GST.
  3. What is the process by which a business would report GST to the Australian tax office?
  4. What is the penalty rate to be applied if a supplier does not provide an ABN?
  5. A non-profit organisation needs to register for GST after it has a turnover of more than how much?
  6. Barry works from home as an accountant. He is a sole-trader and has an ABN. His business is not registered for GST. Would Barry charge GST on his invoices to clients?
  7. Barry put the words 'Tax Invoice' on an invoice to his client. Is this correct? Explain your answer.
  8. Would Barry still need to complete a Business Activity Statement?
  9. Barry makes $15k in one month and thinks this monthly income will continue for the next 12 months. What does he need to do to ensure he's adhering to GST regulations and ATO requirements? Explain your answer.

Reference no: EM133206331

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