Farm Table says:
This article covers handling the GST on cattle and beef sales and some important things producers should know about GST in terms of beef production.
Items covered in this article were:
• GST and beef production
Key points were as follows:
• ABN’s are important for commercial beef producers.
• Businesses with ABN’s are required to report Business Activity Statements (BAS) monthly, quarterly or annually through the Australian Tax Office.
• If you buy stock, you can claim the GST.
• Easy to use accounting programs are available to make the reporting process easier for producers.
• If you sell stock, GST is required to be added to any sales.
• For more detailed tips on GST and beef production, click here.
For further information on GST and beef production, click on the relevant links below: