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Services Diversification Guide

155-003 - Farming Industries - Specific GST Issues

This paper analyses in summary form the GST as it applies to farming industries. Items discussed are as follows: Goods And Services Tax (GST) Introduced To Australia GST Defined GST Rate GST Scheme Registration For GST Option Of Not Registering GST Applies To Virtually All Businesses Taxa ...Read more
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  • Description
  • Specifications

This paper analyses in summary form the GST as it applies to farming industries.

Items discussed are as follows:

  • Goods And Services Tax (GST) Introduced To Australia
  • GST Defined
  • GST Rate
  • GST Scheme
  • Registration For GST
  • Option Of Not Registering
  • GST Applies To Virtually All Businesses
  • Taxable Activity As It Relates To Farming Industries
  • GST Free Activities
  • Input Tax Credit
  • GST Payable
  • GST Payable - Business Activity Statement (B.A.S.)
  • Exclusions (“GST Free Supplies” - Goods And Services)
  • Food - GST Free Unless....
  • Food That Is Not GST Free
  • Food That Is GST Free Included
  • Supply Chain For Fresh Food
  • Supply Of Goods
  • The Wine Equalisation Tax
  • Exports
  • Marketing Agent
  • Live Export “Negotiations"
  • Hobby Farmers
  • Share Farming
  • Auctions
  • Sale By Auction
  • Sale Conducted On GST Exclusive Basis
  • Forward Contracts And Payments
  • Pool Payment
  • Prepayments And Part-Payments
  • Over The Hook Sales
  • Farm Gate Sales
  • Levies
  • Subsidies
  • Uniforms, Personal Tools And Equipment
  • Deposits
  • Deposit Forfeited
  • Accommodation
  • Creditable Purpose
  • Business Activity Statement For GST With $20m Plus Sales
  • Business Activity Statement For GST With Sales Under $20m
  • Turnover Level “Cash” Or “Accrual” Basis
  • Displayed Prices
  • Tax Invoices
  • Recipient Created Tax Invoice
  • Calculation Of GST On Invoice
  • Invoice Without An Australian Business Number
  • Unregistered Business (Without Australian Business Number Or GST Registration)
  • Business With Australian Business Number - But Not Registered For GST
  • Receipt Of Tax Invoices From Your Suppliers
  • Purchases Must Be For A Creditable Purpose
  • Claiming Input Tax Credits
  • No Mark Up On GST
  • Part Payment Of An Account For GST Free And GST Chargeable Sales If You Are Preparing Your Business Activity Statement On A Cash Basis
  • Identification Of GST Free Product Lines
  • Adjustments
  • Adjustment Notes
  • Insurance
  • Business Activity Statement
  • G1 - Total Sales And Income And Other Supplies
  • G2 - Exports (GST Free Supplies)
  • G3 - Other GST Free Supplies
  • G9 - GST Debit Amount
  • Acquisitions
  • G10 - Capital Acquisitions
  • G11 - Other Acquisitions
  • Sale Of A Going Concern
  • Sale Of Livestock And Machinery Separately
  • Sale Of Farmland
  • Subdivision Of Farmland
  • Purchases GST-Free