Small business owners are advised to be aware of certain GST registrations.
An entity must be registered for GST if:
- It is carrying on an enterprise; and
- Its annual turnover is at or above the registration turnover threshold of $75,000 (or $150,000 for non-profit bodies).
An entity that is carrying on an enterprise, but does not meet the turnover registration threshold can choose to be registered for GST.
If you do register for GST, it is recommended to do so quarterly or annually.
When it comes to registering, use an accountant. It is easy to make a mistake in the registration process.
Contact us today for a free initial consultation with your local TaxAssist Accountant.
By Terry Murphy
Last updated March 2017