Do You Still Need to Be Registered for GST?

Understanding your GST position early can help you stay compliant, avoid unnecessary reporting, and reduce administrative pressure throughout the year.

When You May Not Need to Stay Registered

You may be eligible to cancel your GST registration if:

• Your GST turnover has fallen below $75,000 and is expected to remain under the threshold
• Your business direction or size has changed, reducing taxable sales
• You registered in anticipation of growth that didn’t eventuate
• You have stopped trading altogether — in this case, cancellation is required within 21 days

Cancelling GST when it is no longer required can reduce ongoing obligations such as regular BAS lodgements and GST reporting.

When GST Registration Is Required

You must be registered for GST if:

• Your GST turnover is $75,000 or more
• You operate a taxi or rideshare business (registration is compulsory regardless of turnover)
• You expect your turnover to exceed the threshold soon
• Your business is growing and projected income is likely to pass $75,000

Even if your turnover is currently below the threshold, remaining registered may still be beneficial depending on your business structure and client base.

Why It’s Important to Review Your GST Status

Your GST registration impacts:

• Whether you need to charge GST on sales
• Your ability to claim GST credits
• What you report on your BAS
• How your invoicing and accounting processes are managed

Getting your GST status wrong can lead to missed credits, overreporting, or even ATO penalties — so an annual review is a smart safeguard.

Recordkeeping and Turnover Monitoring

The ATO expects businesses to maintain:

• Accurate turnover records (monthly, quarterly, and annually)
• Forecasts of projected turnover
• Evidence of reduced or ceased trading
• Documentation supporting registration or cancellation decisions

Strong recordkeeping ensures you’re prepared in the event of an ATO review.

How TaxAssist Accountants Can Help

GST rules can become confusing, especially when business activity fluctuates. At TaxAssist Accountants, we can support you by:

• Reviewing your current and projected GST turnover
• Confirming whether you must remain registered
• Assessing the pros and cons of cancelling GST
• Handling GST registration or cancellation correctly
• Providing guidance on BAS and reporting requirements
• Managing your bookkeeping and quarterly BAS lodgements

Book a FREE Initial Consultation

If you're unsure about your GST obligations, we’re here to help.

We’ll ensure you stay compliant, informed, and making the most tax-efficient decisions for your business.

Contact your local TaxAssist Accountant today to book a FREE Initial Consultation by clicking here. 

Last updated: 30th January 2026