Date posted: Thursday, July 23, 2015
As a new business you might be wondering, ‘how do I apply for GST?’
Setting up your GST and other relevant tax structures is a vital part of the process of starting a business, not to mention integral to the tax system itself running successfully.
Before you take the plunge however, you should consider if you actually need to register for GST. Signing up is only legally mandatory if:
- Your business has a GST annual turnover (gross income minus GST) of $75 000 or more
- Or you’re a not-for-profit organisation with a GST turnover of $150 000 per year or more
- You’re a taxi or limousine business, regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- You want to claim fuel tax credits for your business or enterprise.
Any questions? Talk to our team at Pakenham Taxation + Accounting, the local experts in setting up businesses, GST and business tax.
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