Goods & Services Tax Advice - CapitalQ

Goods & Services Tax Advice

GST impacts every business in Australia.

And it passes substantial administrative obligations on to the business owner (frankly the system is a form of outsourcing of the Tax Man’s work).

Staying on top of our GST obligations is paramount. All too often we see businesses fall behind and once they do, the problem can really start to run away from them (remember in virtually all businesses, every single dollar that comes into the business includes a little over 9 cents that aren’t really yours. This very quickly adds up).

There are of course complications with the GST system. Most will know that while GST applies to the majority of transactions, it doesn’t actually apply to every transaction.

These exemptions are actually the systems biggest flaw. As a tax collection mechanism, GST or other similar value-added taxes are amongst the most efficient, and the most difficult to avoid (especially given the move away from cash).

But when the Liberal Party were forced to make exceptions and exclusions in order to get their new tax into law, those lobbyists didn’t really appreciate the extra burden it placed on those responsible for the collection of GST, the business owners!

Property transactions are amongst the most complex. And given the amounts of money involved, are where the biggest risks and biggest errors occur (and when things go wrong with GST, they really go wrong).

International transactions also come with their significant GST issues.

Accounting & Tax

What our customers say

Logo for Nigel Dennis & David Lunn

Providing the Financial Sounding Board to Grow a National Business

CapitalQ provides important services for our business by assisting us in relation to a wide range of financial and business growth matters on a consistent and ongoing basis. Specific support has included: implementing easy to read monthly financial management reports; identifying significant tax saving strategies (including an annual saving of nearly $30,000 a year on Payroll Tax); recommending and implementing business changing cloud-based software platforms; and streamlining our internal accounting and bookkeeping processes. This support has meant that CapitalQ has effectively become our financial sounding board so we can make informed strategic decisions about our business. This in turn has allowed us as Directors to focus on expanding our business to a national presence (currently three States and growing).

Nigel Dennis & David Lunn

Co-Founders and Directors of BidWrite (Australia’s Leading Specialist Tendering Consultancy)

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