Brisbane-based tax agent Tauseef Abbasi spoke exclusively to SBS Urdu about key aspects of the Goods and Services Tax, or GST, including the registration threshold, different rules for Uber, rideshare and taxi drivers, and the depreciation of business assets.
Tausif Abbasi explained that GST registration becomes mandatory for most businesses once their annual turnover exceeds A$75,000. However, this threshold does not apply to Uber, DiDi, Ola and taxi drivers, who are required to register for GST and charge it from their very first dollar of income. He added that once they have an Australian Business Number (ABN) and are registered for GST, they must lodge a Business Activity Statement (BAS) every three months.
Abbasi also noted that businesses can claim back the GST paid on eligible business expenses, such as fuel and vehicle costs. Regarding the depreciation of business assets, he said that small businesses with an annual turnover of less than A$10 million can immediately deduct the full cost of eligible assets worth less than A$20,000 in the year they are purchased. Assets above that threshold, however, must generally be depreciated over a number of years.
