Most businesses are familiar with the compliance requirements and the burdensome red tape of recovering input VAT (value-added tax) domestically – albeit roughly! Yet what about VAT potential abroad? In Australia, the equivalent of VAT is GST (goods and services tax). This consumption tax is levied on most goods and services at a standard rate of 10%. How does this affect your business? Well, if you’re a non-resident business established outside of Australia, you may be eligible to claim the Australian GST that you’ve paid on business travel to Australia. In this piece, we’re deep diving into how a non-resident business can recover GST and how a simple foreign registration can elevate your business finance.
Source: vatit.com
