All You Need to Know About Registering for GST in Australia

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold in Australia. GST is imposed on the supply of goods and services by businesses registered for GST. If you're thinking about starting a business in Australia or are already running one, you may be wondering if you need to register for GST. Read on to find out everything you need to know about GST registration in Australia.

Who Needs to Register for GST?

In general, all businesses with annual turnover of $75,000 or more must register for GST. However, there are some exceptions. For example, some non-profit organizations and small businesses may be exempt from GST registration.

If you're not sure whether your business needs to be registered for GST, you can use the Australian Taxation Office's (ATO) Business Registration Service to find out 

How Do I Register for GST?

If you've decided that your business needs to be registered for GST, you can do so through the ATO's Business Registration Service. You'll need to have your Australian business number (ABN) ready before beginning the registration process. Otherwise, you can speak to an Accountant like Tax App.

Once you're registered for GST, you'll need to start charging GST on all eligible sales made by your business. You'll then need to report and pay the GST collected to the ATO on a regular basis (usually quarterly) 

What Are The Benefits of Registering for GST? 

There are a few benefits of registering for and collecting GST, even if your business is below the $75,000 turnover threshold. First of all, it might make your business more attractive to customers as they'll know that they can claim back the 10% GST when they submit their own tax return at the end of the financial year. Secondly, it will allow you to claim back any GST paid on business expenses 

Conclusion 

As a general rule, any business with annual turnover of $75,000 or more must register for Goods and Services Tax (GST) in Australia. There are a few exceptions, but if you're not sure whether your business needs to be registered, you can use the ATO's Business Registration Service to find out. Once you've decided that your business does need to be registered, the process is relatively straightforward and can be done through the ATO's Business Registration Service or through your accountant. There are a few benefits of registering for and collecting GST, even if your business is below the $75,000 threshold - such as making your business more attractive to customers and being able to claim back any GST paid on business expenses.

Ready to register? Speak to Tax App!