Have you checked your business turnover lately?

If you're not registered for GST, check each month to see if you've reached the threshold, or are likely to exceed it. You need to register within 21 days of your GST turnover exceeding the relevant threshold.

You must register for GST:

• when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more – see Working out your GST turnover
• when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
• if you're already in business and have reached the GST threshold
• if your non-profit organisation has a GST turnover of $150,000 per year or more
• when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
• if you want to claim fuel tax credits for your business or enterprise.

Registering for GST is optional if your business or enterprise doesn’t fit into one of these categories. If you choose to register, generally you must stay registered for at least 12 months.

You can register for goods and services tax (GST) online, by phone or through your registered tax or BAS agent when you first register your business or at any later time. This is called 'standard GST' registration.

You only need to register for GST once, even if you operate more than one business.

We would recommend a software like Xero, if not already to help you calculate your income and expenses for each quarter.

We are more than happy to talk to you about and assisting you with GST Registration. Please contact our office 02 6882 1022 or email office@wrightpartners.com.au