Australian Cattleman
Well-known member
We have a system here in Australia called GST. We have to add 10% to all the cattle we sell. For instance a $2,000 bull costs the purchaser $2,200.
At the end of each three months we have to do a business activity statement. This is forwarded off to the Tax Office,we have to declare all the GST that we have collected (when we sell cattle) and then can claim any GST that we have paid. Most goods used on farm are able to have the GST claimed. We usually only have to pay money to the tax office for one quarter in the year. That is the quarter that we sell most of our cattle. Its a pain in the neck with this extra paper work,the only advantage is that it makes us have our paperwork up to date when we complete our end of year tax assessment.
There are very few items that don't have GST added.
Can't see much sense in it,its a government money maker.
Colin
At the end of each three months we have to do a business activity statement. This is forwarded off to the Tax Office,we have to declare all the GST that we have collected (when we sell cattle) and then can claim any GST that we have paid. Most goods used on farm are able to have the GST claimed. We usually only have to pay money to the tax office for one quarter in the year. That is the quarter that we sell most of our cattle. Its a pain in the neck with this extra paper work,the only advantage is that it makes us have our paperwork up to date when we complete our end of year tax assessment.
There are very few items that don't have GST added.
Can't see much sense in it,its a government money maker.
Colin