Skip to content

CALL NOW

  • Home
  • Services
    • Individual Tax Returns
    • Self Managed Super Funds
    • Business Services
    • Specialities
      • Lodging late tax returns
      • Trades Businesses
      • Medical Practitioners
      • Restaurants, Cafes and Hospitality
      • Property Tax and Advice
      • Fitness Professionals
      • Xero Accountant
      • Taxes for newly arrived to Australia
  • Insights
  • Contact Us
    • About
    • Visit us, call, email or book any of our appointments
    • Ways to do business with us
    • Testimonials
    • Client Referral Incentives
    • Resources

Registering for GST

If you are thinking of starting a business, then you need to understand whether or not you need to be registered for GST.

This is not to be confused with the need for an ABN Australian Business Number, which all businesses need regardless of their entity type.

Who should register

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more
  • your non-profit organisation has a GST turnover of $150,000 per year or more
  • you provide taxi or limousine travel for passengers (including ride-sourcing) in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
  • you want to claim fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is optional. However, if you choose to register, generally you must stay registered for at least 12 months. When you optionally choose to be GST registered you may elect to lodge BAS returns Annually.

Your GST turnover is your gross business income (not your profit), excluding any:

  • GST you included in sales to your customers
  • sales that are not for payment and are not taxable
  • sales not connected with an enterprise you run
  • input-taxed sales you make
  • sales not connected with Australia.

What does being GST registered mean…

You must issue tax invoices and charge GST at the current rate.

You must remit the GST collected less GST paid to ATO via a BAS Business Activity Statement Return

We suggest accounting software to help to calculate and account for the GST amounts.

We also suggest you keep aside GST amounts in a separate bank account to not misjudge your cashflow position.

How should you do Tax Invoices

Lodging your BAS or annual GST return

You report and pay GST amounts to the ATO, and claim GST credits, by lodging a business activity statement (BAS) or an annual GST return.

Tax Agents can lodge your BAS, while giving you accuracy, correct lodgement, longer to lodge and pay as well as forecasting your year to date GST and tax position.

For more information we suggest our New Business Advice Service

 


Schedule online

Popular Posts

Keep your Super safe!

Facebook ads to include GST

Keep your data protected!

Work From Home Tax Deductions explained

Land tax relief for landlords in South Australia

SA Government New COVID19 Grants

Building Momentum In Your Business

Quick Links

Tax returns explained simply

What to bring to your individual tax return appointment

Book any of our services online

Need New Business Advice

Need tax minimisation advice and wealth creation 

How Tax Accounting Adelaide can assist you

Why you need an accountant

Introduction to Xero Accounting Software

What is new for 2020 tax

About Us

Tax Accounting Adelaide
Tax Agents and Accountants

ABN 19 601 593 720

Principle Agent
Romeo Caporaso

Phone
08 8337 4460

Email
info@taxaccountingadelaide.com

Fax
08 8365 9573

Office
202 Gorge Rd
Newton SA 5074

 

Connect With Us

Our monthly newsletter:

Please enter a valid email address.
Subscribe!

Thanks for subscribing! Please check your email for further instructions.

Something went wrong. Please check your entries and try again.

Our social media:

© 2021 Tax Accounting Adelaide.

Privacy Policy  ·  Terms of Service

 

Liability limited by a scheme approved under Professional Standards Legislation

Scroll To Top