When it’s Compulsory
You must register for GST if you are carrying on a business, and:
• your current or projected GST turnover is $75,000 or more ($150,000 or more for non-profit organisations)
• you provide taxi travel, or
• you wish to claim fuel tax credits.
When it’s Optional
If your turnover is below $75,000, GST registration is optional and something you should consider carefully. Each situation is different and it is well worth the time to speak with your accountant about the possible pros and cons of GST registration in your situation.
When registering for GST, you need to indicate whether you will account for GST on a cash or non-cash basis. Make sure that you understand these terms (and the impact of each) before you register.
If you are not currently registered and realise that your current or projected GST turnover is $75,000 or more, you have 21 days to register.
DISCLAIMER: All information provided in this article is of a general nature only and is not personal financial, taxation or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this article (including Award Accounting for Business Success Pty Ltd, each of its directors and employees) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.