Running a business means dealing with GST. It's a 10% tax on most goods and services sold in Australia.

Think of it like this: when you sell something, you add 10% to the price. This extra bit is what you need to pay to the government as GST. You'll be collecting this 10% from your customers.

Now, you might also be buying things for your business, right? The good news is that you may be able to claim back the GST you paid on those purchases. This is called a GST credit, and it can reduce the amount of GST you owe.

To stay on top of GST, you need to register for an Australian Business Number (ABN) and file regular Business Activity Statements (BAS). This helps you keep track of the GST you collect and the GST you can claim back.

The GST you collect goes to the government, which uses it to fund important services for all Australians. We're talking hospitals, schools, roads – things that keep our country running smoothly.

You may need to register for GST if your business has a turnover of $75,000 or more in a financial year. It is important to check the requirements with a professional advisor to get advice tailored to your business.