An Introduction to GST
GST may seem complex or intimidating at first, but it can be relatively simple. As long as you keep records of the GST you collect through your business sales, and understand your reporting obligations, you will be nailing your GST requirements.
To help you get started we have created this simple guide to introduce you to GST.
What is GST?
GST stands for Good and Services Tax, which is a 10% tax placed on the majority of goods and services in Australia. Most businesses add this tax into the price of their products (GST inclusive price). It is important to note that GST should not be considered part of the business revenue, but a tax that is collected on behalf of the government and passed on to them via Business Activity Statement lodgements.
How do I register for GST?
Registering for GST is simple. Any business with an active ABN is eligible to register for GST at any time.
However, registration is mandatory for businesses with a GST turnover rate of $75,000 or more ($150,000 or more if you are a non-profit), or if you provide taxi services (including ridesharing ones like Uber and Didi).
GSTregister.com.au provides an easy, stress-free solution for registration. In order to register for GST, you just need to fill out this simple one-page form and you will be registered in up to 24 business hours (usually much less, with 90% of registrations being processed in the first couple of hours). More importantly, we are registered agents with the Tax Practitioners Board, so we make sure your registration is done properly.
Once you have registered for GST, remember to include GST in all your prices in order to be collected on behalf of the government. You will also be able to claim GST credits on all eligible expenses of your business.
In case you need assistance or enquiries, you can email us at firstname.lastname@example.org, give us a call on 1800 546 526 or submit a contact form at the bottom of this page.