Do you need to register for GST?
So many of my clients worry that they may need to be registered for GST but are not sure if they need to be.
The current required threshold for registering for GST is $75,000. This is subject to change so ensure you review the current thresholds if this blog is outdated.
Knowing what your monthly income or turnover is will help you to figure out if and when it is time to register.
You can opt in early if you feel that it will benefit your business to get up and running from the get go.
Different industries will have varying degrees of need for registering, so please be sure to consult your accountant or advisor whilst making the decision to opt in early.
There are different options for lodging your GST to the ATO, currently you are able to lodge monthly, quarterly or yearly.
Because every business is individual, so are your reporting requirements, what industry you are in and the volume of turnover will affect which option is relevant for you.
If you are a small start up and your not sure what is required for your industry and your personal situation, be sure to discuss with a professional to make the appropriate decision for you.
This is general information only and does not take into account your financial situation, needs or objectives. Before acting, consider if the information is right for your needs. This information is based on our understanding of current Australian laws and assumes they will remain unchanged.