You need to register for GST once you turn over $75000.
Yes, even as a sole trader.
Note that it not $75000 profit - the "GST Threshold" is $75000 turnover.
Until you register, you can't charge GST.
Nor can you claim ITCs ("get the GST back") on your business inputs
unless you are registered.
Best get to it.
Yes, even as a sole trader.
Note that it not $75000 profit - the "GST Threshold" is $75000 turnover.
Until you register, you can't charge GST.
Nor can you claim ITCs ("get the GST back") on your business inputs
unless you are registered.
Best get to it.
Yes, in accordance with the GST Act 2000, you need to register for GST if your expected sales over the next 12 months would exceed $75,000. The keyword here is "expected sales over the next 12 months." Therefore, if your sales are consistently at $10,000 per month, you need to monitor when you anticipate your expected sales for the next 12 months to exceed $75,000. At that point, you are required to register for GST.
If you do not register for GST and the Australian Taxation Office (ATO) conducts an audit, there is the potential risk that your sales made during that period would be considered to include GST. This could result in a shortfall tax penalty. If you require assistance, you can seek help from your local accountant or Endurego, and we will assist you with the process.
If you do not register for GST and the Australian Taxation Office (ATO) conducts an audit, there is the potential risk that your sales made during that period would be considered to include GST. This could result in a shortfall tax penalty. If you require assistance, you can seek help from your local accountant or Endurego, and we will assist you with the process.
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