How soon should I register for GST?

Do you need to start with GST and BAS? No worries. Even though it takes a little extra admin, thousands of businesses can do it. With this guide, you will too.

Find out if you need to register and how to do so.

You can volunteer to register for GST if your annual turnover is under the threshold. Registration for GST has its perks, but there are additional considerations as well, so it’s best to take your time and weigh up your options. You need to register within 21 days of your GST turnover exceeding the relevant threshold.

  • A company based in Australia with a revenue of more than $75,000 per year.

  • Taxis, limousines, and Uber drivers must register regardless of their income.

  • Those claiming fuel tax credits.

  • Not-for-profit organisations that generate $150,000 or more per annum.

Once you are GST registered, you won’t have to pay GST on business expenses. GST-inclusive prices are still applied when you make the purchase, but you will receive the refund when you file your tax return.

 

What you will need to register for GST

Before you register for GST, an Australian Business Number (ABN) is required. If you are registering a company, you will need an Australian Company Number (ACN) before applying for your ABN.

You can register for GST yourself online or through the ATO business portal, and it costs you nothing. Or through a registered tax or BAS agent.

There are other ways to register by calling the ATO on 13 28 66 or by completing a form NAT 2954 but the main way for businesses to communicate with ATO is through the business portal.

Once your registration is effective, you will receive your registration details in writing from the ATO.

Which accounting basis should you choose?
Cash Accounting

A small business may be able to use cash accounting. Those businesses only owe GST on a sale when the customer pays.

Accrual Acounting

There are some businesses that must use accrual accounting. As a result, they owe GST on sales when they raise an invoice or when they get paid, whichever is first. 

 

 

After you have registered for GST, you must add 10% GST to your prices.

Tax Invoices will need to be issued to your customers. 

Finally, you can apply to backdate your GST registration by no more than four years. 

 

5 Things To Look For In a Great Accountant

In this FREE, 11-page guide, you’re going to learn the 5 things you need to consider when making the decision to work with an accountant for the first time. From finding the perfect fit all the way through to the best ways of communicating, we’re going to show you how to choose the right accountant that can deliver optimal results for your business.

You May Also Like

5 Things To Look For In a Great Accountant

Learn How To Choose The Right Accountant to Give You the Clarity You Need Over Your Business’ Numbers

PRIVACY POLICY

Empire Accounting Caroline Springs is committed to providing quality services to you and this policy outlines our ongoing obligations to you in respect of how we manage your Personal Information.

What is Personal Information and why do we collect it?

Personal Information is information or an opinion that identifies an individual. Examples of Personal Information we collect include: names, addresses, email addresses, phone and facsimile numbers.

This Personal Information is obtained in many ways including [interviews, correspondence, by telephone and facsimile, by email, via our website www.empireafi.com.au, from your website, from media and publications, from other publicly available sources, from cookiesdelete all that aren’t applicable] and from third parties.

We collect your Personal Information for the primary purpose of providing our services to you, providing information to our clients and marketing. We may also use your Personal Information for secondary purposes closely related to the primary purpose, in circumstances where you would reasonably expect such use or disclosure. You may unsubscribe from our mailing/marketing lists at any time by contacting us in writing.

When we collect Personal Information we will, where appropriate and where possible, explain to you why we are collecting the information and how we plan to use it.

Sensitive Information

Sensitive information is defined in the Privacy Act to include information or opinion about such things as an individual’s racial or ethnic origin, political opinions, membership of a political association, religious or philosophical beliefs, membership of a trade union or other professional body, criminal record or health information.

Sensitive information will be used by us only:

  • For the primary purpose for which it was obtained
  • For a secondary purpose that is directly related to the primary purpose
  • With your consent; or where required or authorised by law.
Disclosure of Personal Information

Your Personal Information may be disclosed in a number of circumstances including the following:

  • Third parties where you consent to the use or disclosure; and
  • Where required or authorised by law.
Security of Personal Information

Your Personal Information is stored in a manner that reasonably protects it from misuse and loss and from unauthorized access, modification or disclosure.

When your Personal Information is no longer needed for the purpose for which it was obtained, we will take reasonable steps to destroy or permanently deidentify your Personal Information.

Policy Updates

This Policy may change from time to time and is available on our website.

Privacy Policy Complaints and Enquiries

If you have any queries or complaints about our Privacy Policy please contact us at:

15 242244 Caroline Springs Boulevard, Caroline Springs VIC 3037

info@empireafi.com.au

(03)9363 7600

5 Things To Look For In a Great Accountant

Avoid the Common Mistakes Many Business Owners Make, and Find a Reliable Accountant who Truly Connects With Your Business & Drives Future Success

We will only send you awesome stuff