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What every tradie should know about GST
GST trips up more tradies than any other part of the books. Here is the plain-English version of what you collect, what you claim, and when it is due.
GST is the part of the books that worries tradies the most, and it is honestly simpler than it looks once someone explains it without the jargon.
The short version
You add 10% GST to most of what you invoice. You also pay GST on most of what you buy for the business. Each quarter you tell the ATO the difference, and either pay it or get it back.
What you can usually claim
- Tools, materials and consumables
- Fuel and vehicle running costs for work use
- Phone and internet, for the work portion
- Subcontractors who charge you GST
Keep a photo of every receipt and the claim takes care of itself. If you are not sure whether something counts, ask us. A two-minute question can be worth hundreds at BAS time.