Your business will need to register for GST if your annual turnover is $75,000 or more. You have a choice to register or not if it’s less than that.  

You must register for GST if you reach the $75,000 turnover threshold or if it looks likely that you will exceed it. Once you’ve passed the turnover threshold, you must register within 21 days

Taxi drivers and ride-sharing drivers need to register for and charge GST no matter what their turnover is.

How does the GST work?

The current rate of GST is 10%. This means that if you charge $100 for your goods or services, your customer will be charged $110. The additional $10 is the GST which needs to be paid to the ATO.

When you buy supplies for your business, you’ll be charged 10% in GST which you can claim back as a credit. At the end of each GST period – usually quarterly but occasionally monthly – you need to account for the GST you’ve collected on your sales minus any that you’ve paid (the credits) on your purchases.

GST REPORTING

A business activity statement (BAS) is used to report all your periodic business tax obligations and entitlements. Need help with your BAS? Contact us

Need more help?

A Girl Friday can help. We have a range of services to help with your Bookkeeping, BAS & Payroll

Read more about GST Registration at the ATO:
https://www.ato.gov.au/Business/GST/Registering-for-GST/