Registering for GST

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When starting a business you will need to consider the impacts of the national Goods and Services Tax (GST) and whether you will need to register for GST or not. This article will provide information about GST, what it is, how needs to register, how to register and your GST reporting responsibilities.

What is GST?

Goods and Service Tax (GST) is a tax on the supply of goods and services in Australia. It is a value added tax (VAT) where the tax is charged on all transactions along the supply chain rather than at the point of sale. Another principle of VAT is that you pay the tax only at the final point of sale.

As of July 1, 2018, the Goods and Services Tax (GST) in Australia is 10%. This tax is applied to most goods and services in the country, with some exceptions. GST is included in the price of most goods and services, so consumers generally don’t need to worry about it. Businesses must collect GST on behalf of the government and then remit it to the Australian Taxation Office (ATO).

When to register for GST?

If you are a business owner in Australia, you must register for GST if your annual turnover is more than $75,000. You can register for GST voluntarily if your turnover is below this amount. Once you are registered, you must charge GST on all taxable supplies of goods and services you make. You then lodge regular Business Activity Statements (BAS) with the Australian Taxation Office (ATO), declaring the GST you have collected and any GST credits you are entitled to.

Who needs to register for GST?

In Australia, any business or individual who supplies goods and services that are taxable must register for GST. This includes businesses that are based overseas but supply taxable goods and services to Australian consumers. GST is a 10% tax that is applied to most goods and services in Australia. As mentioned above, if your annual turnover is over $75,000 per annum you must register for GST.

If you are not registered for GST, you do not have to report or pay GST on the taxable supplies of goods and services that you make. However, you may choose to register for GST voluntarily, even if you are not required to do so.

How to register for GST?

The process for registering for GST in Australia is relatively straightforward. Businesses can register for GST through the Australian Taxation Office (ATO) website. The ATO will require businesses to provide their company name, contact details, and ABN. Once registered, businesses will be issued with a GST number which must be included on all invoices.

It is important to note that businesses must be registered for GST in order to claim back any GST paid on purchases. Therefore, it is generally advisable for businesses to register for GST as soon as they start trading.

Registering an ABN

To register for GST, you will need to have an Australian Business Number (ABN). You can apply for an ABN through the Australian Business Register. Once you have an ABN, you can register for GST through the Australian Taxation Office.

How to report your GST in australia

If you are registered for GST, you must report and pay GST on all taxable supplies of goods and services that you make. You do this by lodging a business activity statement (BAS) with the Australian Taxation Office (ATO).

BAS, or Business Activity Statements, are a key part of running a business in Australia. They help you track and report your GST (Goods and Services Tax) liabilities to the ATO (Australian Tax Office).

BAS reporting can be done quarterly or monthly, depending on your business turnover. To do your BAS, you’ll need to have your GST registration number, as well as your ABN (Australian Business Number).

You can lodge your BAS online, through a registered BAS agent, or via paper lodgement. Once you’ve lodged your BAS, you’ll need to make sure you pay any GST liabilities that are due.

If you’re new to BAS reporting, or if you’re not sure how to do it, there are plenty of resources available to help you. The ATO website has a range of information and tools, including a BAS lodged online service, to help you get started.

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