Registering for GST
As a general rule, most clubs and societies at UWA will NOT need to
register for the GST. You will only be required to register for the
GST if your club has a yearly turnover of $150 000 or more. It is
strongly recommended that if your club won't have a turnover
greater than $150 000, do NOT register for the GST. This is because
accounting procedures required are extremely complex and time
consuming. If you have registered for the GST, or believe you need
to, please contact the SOC Treasurer or the Guild Finance staff to
ensure you're not getting yourself into unnecessary difficulties.
Non-Registered GST Clubs
If your club is not registered for the GST, you CANNOT charge the
GST on any of your products or services. It also means you
CANNOT reclaim any GST credits from the Australian Tax Office for
the GST you pay on products and services that you purchase. You
can, however, raise your prices to take into account the extra cost
of the GST that you have paid. However, you MUST NOT place the
words `GST included' anywhere on your products or advertising.
Australian Business Number (ABN)
As a side issue from the GST, most of you will have heard of the
Australian Business Number - ABN. We recommend that if you don't
already have an ABN, please approach the Guild Finance office
about applying for one. An ABN is often essential for conducting
business with other organisations or firms and should be displayed
on all your correspondence, receipts, etc.
|
CLUB BANKING
Guild Club Banking is compulsory for affiliation unless you have
made prior arrangements with SOC and Guild Executive.
When you sign up to Guild Banking you are given:
- A debit book: to take money out
- A credit book: to put money in
Finance is open from 8:00am to 4:45pm Monday to Friday
Cheque requests must be in by 10:00am for the same day
processing.
Benefits Include:
- You can trace your previous committee’s spending
- A proper audit trail is created to keep track of your finances
- Interest free overdrafts and loans are available to help fund short term activities
- Promotes accountability within clubs (eg you need two people to withdraw money)
- No bank fees
- Financial support of the Guild
- Expenses can be paid directly within the Guild
- Grants are paid automatically
SIGNING UP: FINANCE FORM
To commence club banking, you will need to submit your Finance Form.
Please read the instructions for forms.
|