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A simplistic perspective of taxation

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A simplistic perspective of taxation

Taxation is a crucial part which needs lot of attention in any business. Understanding the basic concepts of tax is hence important. The major components will be tax invoices and information about GST.

A tax invoice is a document that is issued by the supplier which states the price of the sale of goods or services. It also includes the GST (goods and services tax) amount if applicable to the sale. GST is nothing but the percentage of tax that is levied by the government on the consumers on purchase or usage of retail goods and services. Any business which has an annual turnover of 75000 $ will have to be registered for GST. For any businesses with lesser turnover GST registration is optional. This will save their earnings. GST cannot be reclaimed. So it is important to get complete information and then registering for GST. Any transaction which has a sale amount of 82.5$ including GST is taxable and a tax invoice must be issued for the same. To register for the GST the supplier will mandatorily need an ABN. If they do not have it they can apply for both GST and ABN through ATO. Every industry have its own set of regulations for applying GST. Other info also can be used in tax return or  tax return Sydney CBD .

Items to be included:

  • ABN and the details of the vendor.
  • Date on which tax invoice was issued and what was sold in terms of quantity and price.
  • Taxable amount of each item. If the purchase is more than 1000$ then purchaser’s details are required to be mentioned.

Ideally the supplier is expected to mention all the details while issuing the tax invoices. But if under reasonable and unavoidable circumstances the supplier is unable to provide all the details then ATO can be contacted and consulted. If the supplier has certain credit limit with GST without tax invoice details, ATO has to be informed and explained. They will further advise on the situation.

Once a tax invoice is issued it is legally expected from the supplier to maintain it in their records. It will be useful for claiming. Once the claims are done then the supplier has to preserve them for at least a span of 5 years. A tax invoice is an important document and it is better suggested to preserve them for business purposes. You can add this amount without GST in your tax return Sydney  or online tax return service or tax return 2019 or tax return or tax online or tax return online in Australia if you are using one of these services. For accounting management, many owners use bookkeeping services Sydney experts or Sydney Bookkeepers.

Accounting of GST:

A supplier has to choose an accounting method for GST related transactions. The modes are cash and non-cash basis. The small food retailers have simplified methods of accounting. They can make use of this option. Larger businesses will have to choose the non-cash mode. A supplier must keep track of all the GST related transactions accurately. Failing to pay or manage the same will result in heavy penalties from the government. Smaller businesses also have the option of paying the GST either in instalment basis or on a quarterly basis. This is to assist and motivate small business and they must make use of this option. This will simplify their accounting as well. If the GST actually collected is varying from the GST claim amount then the supplier will have to send an activity statement stating the reason for the difference to ATO.

GST credit:

Any supplier who has registered for GST is entitled to GST credit. The purpose of the sale must be purely for business sake. The items that are sold must be eligible for GST. Depending on the size and nature of business GST credit is allocated. For any further information the supplier can contact ATO. If the supplier is setting up a new company or is purchasing used goods then special regulations will imply for the same.

GST returns:

The supplier will have to pay the GST amount to ATO. All the taxes must be reported and paid by the supplier. The GST credit can be reclaimed by filing a return. Before the end of the reporting period the ATO will issue a GST filing statement two weeks in advance. The dates for filing and reporting will be mentioned on the statement. The supplier will have to fill the same and send it. Generally this is done on a quarterly basis. But paying GST amount at the discretion of the supplier’s convenience whether they want pay it quarterly, monthly or annually. Smaller businesses with turnover less than 2 million can opt to pay in instalments as well. Any errors while reporting the same has to be corrected as soon as possible.

GST cancellation:

If the supplier intends to close his business or wants to sell the same then the GST registration has to be cancelled. The ABN will also be cancelled. This has to be done within 21 days of selling or closing the said business. In case if the supplier is altering the structure of the business such as an instance of partnership then in such circumstances also the GST will have to be cancelled. Cancellation of GST is an extremely simple process. All it requires is filling up of a form and sending it to ATO. It can be done via phone as well. Before cancellation all the returns must be filed and if there are any kind of dues the same has to be cleared. The last statement must also include the account of the supplier’s assets sale and also account of the sale of business. Only once this process is completed the supplier’s GST registration will be cancelled.


ATO has an amazing taxation support centre. It helps a supplier to gather all the information that is required about tax for smooth running of a business venture. There is also a separate section dedicated to small businesses. This section provides a look on some details depending on the type of business the supplier operates. Based on the type of questions they have different helpline numbers where the supplier can talk directly with a representative and have their doubts clarified. Contact your accountant for assistance with your Tax Return North Sydney or Tax Return Melbourne.

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About Famous Restaurants Practice

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About famous restaurants practice

Although this article based on restaurants but I know all of us know each and every detail about restaurants. Still I am going to write some details about restaurants as it may be a single place where you will get different types of details about restaurants.

So what is a restaurant?

Restaurant is a place where few people prepare different types of foods and drinks and sell those for a fixed amount of money. This business is known as restaurant business. Customers may need to pay money before taking foods or after taking meals. Most of the restaurants have a fixed place or premise where customers can eat foods. Obviously, most of the restaurants offer “take out” services also. So you may buy foods and drinks from a restaurant and can take them to your home or business area. Do you want home delivery system? Then don’t need to worry as few of the restaurants have home delivery system also. So you may order your desired foods and drinks to them through online or over the phone and they will bring your desired foods to your place.

Details of staffs:


Actually a chef is a professional cook of restaurant and the head cook of them is known as head chef. As some of the restaurants prepare special type of foods or cuisines so normally a chef is specialized on a special cuisine or item. A chef is the most important fact of a restaurant business. The business growth depends on food quality, taste and item.


A manager deals with the economical parts of this business. Normally customers need to pay to the manager for foods.

Waiter or waitress:

Actually these people serve foods to the customers. They are normally serving staff. The male serving staffs are known as waiter and female serving staffs are known as waitress. They are also important part of this business. They need to be polite and at the same time, the identity of a restaurant depends on the behavior of serving staffs. Tips are the main earning source of a serving staff. Normally restaurant authority doesn’t pay enough to the serving staffs and that is why serving staffs are completely dependable on tips.

Serving staffs have some responsibilities to impress the customers. Some of their duties includes:

  • Preparing a table for a meal
  • Taking orders from customers
  • Cleaning up table before serving foods
  • Serving foods and drinks
  • Cleaning table after serving foods and drinks

All of the restaurants have some people to wash and clean dishes, tables and floor of the restaurant.

Types of restaurants:

There are different types of restaurants depending on the cuisine and food item.  Depending on cuisine a restaurant can be

  • Chinese
  • Thai
  • Italian
  • Indian
  • French
  • Local.

There are different types of restaurants depending on the style of offering such as a sushi train, tapas bar, a tastet restaurant, yum cha restaurant or a buffet restaurant. At the same time, depending on the location there are different types of restaurants as like as boat based restaurant, lake side restaurant, road side restaurant etc. Although restaurants can be divided depending on different types of things but customers love to select restaurants depending on cuisine.

Chinese cuisine is very famous in all over the world. That is why Chinese restaurants are very popular in all over the world. Although there are few similarities between Chinese and Thai cuisine but still Chinese restaurants are in the top of choice. Day by day, Indian cuisine is getting popularity in all over the Europe. In UK, there are lots of Indian restaurants. According some yellow pages, there are more than 1500 Indian restaurants in UK. Obviously it is not official statistics. On the other hand, Italian restaurants are popular in USA and North America. In US and Canada both Italian and Indian restaurants are becoming popular. If you want to taste something different then French restaurants are perfect. Taste the food of France and experience something exceptional. Besides these each and every region or country has some local food items and cuisine. At present there are lots of chain restaurants. They have branches at different cities in different countries. Some of them are really famous now. These chain restaurants follow a special type of food item which may be fast food, Chinese or any special cuisine.

If you love to travel then don’t miss the chance to taste the local food of a region or country. Some people say that restaurants and foods express the nature of a region or a country perfectly. Frankly, if you want to know the people’s nature of a place then simply visit the local restaurant, seriously, it works.


At present, lots of restaurants have started digital service. You can place order through their website and they will deliver your foods to your home within a short time. At the same time, they will allow you to pay through your credit cards so you can pay them easily for taking home delivery services. Some of the restaurants keep different types of indoor games and Television to entertain their customers as well as serving best foods.

At present restaurant owners are bring different types of useful changes to attract more clients. Some of the changes are working and still some of the changes are not so efficient to the owners. There are lots of things related to restaurants and it is really difficult to express all in a single article.

Restaurant Tax was done by Tax Return Sydney. Thanks to Accountants Sydney and Accountant Sydney

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