Registering for GST is a simple process that you can do online, over the phone, or through an agent registered with the Tax Practitioners Board. GST Register makes it even easier, all you need to do is go to gstregister.com.au and follow the prompts. But there are still a lot of questions surrounding registration that we can answer.
When do I need to register for GST?
The date in which you need to register for GST is based on your circumstances. To make it easier for you, we have made a deconstruction below.
My business is:
- Earning less than $75,00 a year in GST turnover – You do not have to register for GST, you can register voluntarily, however, you must stay registered for 12 months.
- Earning more than $75,000 a year in GST turnover – You have 21 days since your GST turnover exceeded $75,000 to register for GST.
- Is a not for profit organisation earning more than $150,000 a year – You have 21 days since your GST turnover exceeded $150,000 to register for GST.
- A taxi, limousine or ride sharing (like Uber or Lyft) service – You have 21 days since starting your service to register for GST.
How do I work out my GST turnover?
This is a common question that has a very easy answer. Simply put, your GST turnover rate is your gross business income, not your profit.
You will want to exclude the following when calculating your GST turnover rate: GST included in sales to customers, sales that are not for payment and are not taxable, sales not connected to the enterprise you run, sales not made in Australia, and any input-taxed sales.
How do I register for GST online?
The easiest way to register for GST online is clicking here and filling this simple online form in 2 minutes.
What happens if I don’t register for GST?
If you do not register you will still have to pay GST. This will be on all sales you made since the date you were required to register. You may also have to pay penalties or interest to the ATO. If you are already passed your registration date, backdating your registration could be a solution.
Can I backdate my GST registration?
You definitely can backdate with gstregister.com.au. However, registration can only be backdated up to 4 years. Also, if you backdate over 6 months, then you can only elect to lodge quarterly or monthly, annually will no longer be an option. If you backdate, you will need to make sure that you have collected GST on all sales and have records of business purchases (expenses) to claim GST credits from the date of your registration.