Life Interests Testamentary Trusts

ARE YOU REQUIRED TO REGISTER FOR GST?

When you commenced your business, the business turnover may have been well below the $75,000 threshold required to necessitate Goods and Services Tax (GST) registration. This is however a matter that needs to be considered on an ongoing basis.

You must register for GST if:

  1. Your business or enterprise has a turnover of $75,000 or more
  2. Your non-profit organisation has a turnover of $150,000 per year or more
  3. You provide taxi or limousine service, regardless of your turnover (this applies to both owners and if you lease a taxi)
  4. You want to claim fuel tax credits for your business or enterprise.

If you’re not registered for GST, check each month to see whether you have reached the annual $75,000 threshold, or if you are likely to exceed it. If your turnover exceeds the relevant threshold, you must register within 21 days of reaching it.

If you don’t register for GST and are required to do so, you may have to pay GST on the sales you have made since the date you became required to register. This could happen even if you did not include GST in the price of those sales. You may also have to pay penalties and interest.

You can find more at:  https://www.ato.gov.au/Business/GST/Registering-for-GST/

 

 

 

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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