When to register for GST (2 min read)
Knowing when it is time to register for GST is an important part of running a business and one that is often overlooked or misunderstood.
If you're not registered for GST, you should check each month to see if you've reached the threshold, or are likely to exceed it. You need to register within 21 days of your GST turnover exceeding the relevant threshold.
You must register for GST:
when your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more (see Working out your GST turnover)
when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
your non-profit organisation has a GST turnover of $150,000 or more
if you're already in business and have reached the GST threshold
if your non-profit organisation has a GST turnover of $150,000 per year or more
when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
if you want to claim fuel tax credits for your business or enterprise.
Registering for GST is optional if your business or enterprise doesn’t fit into one of these categories. If you choose to register, generally you must stay registered for at least 12 months.
If you have any more questions regarding the above please contact us on 02 9030 0269.
Natalie Lennon
Founder & Director
Two Sides Accounting
02 9030 0269
www.twosides.com.au
@twosidesHQ
natalie@twosides.com.au
https://twitter.com/nat_lennon
https://au.linkedin.com/in/natalielennon
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