Joshua Velt
Senior Accountant
Contact West Carr & Harvey

Have you reviewed your GST registration?

You may be surprised to learn how many different types of businesses are required to register for GST.

Who needs to register?

Businesses or enterprises operating as a Sole trader, Company, Trust or Partnership with an annual turnover of $75,000 or more (or $150,000 for non-profit organisations) are generally required to register for GST. In addition, businesses specifically providing taxi or limousine travel for passengers (including ride-sourcing) are required to register, regardless of their GST turnover.

What is GST turnover?

GST turnover is your total business income (not your profit) minus the GST included in sales and other excluded sales.

You can reach the GST turnover threshold if either;

  • your turnover for the current month and the previous 11 months – totals $75,000 or more ($150,000 or more for non-profit organisations)
  • your total turnover for the current month and projected turnover for the next 11 months – is likely to be $75,000 or more ($150,000 or more for non-profit organisations).

If you’re not registered for GST, we highly recommend checking each month to see if you’ve reached the threshold, or if you are likely to exceed it, as non-compliance with GST registration and reporting requirements can lead to penalties. You are required by the ATO to register within 21 days of your GST turnover exceeding the relevant threshold.

If you’re in business with a turnover below the threshold, you may choose to register for GST voluntarily. This can be beneficial as it allows the business to claim input tax credits (GST credit) on purchases.  Please contact us prior to registering to claim input tax credits or if you’d like more information on pursuing this option.

If you require any assistance in completing your GST registration or calculating if you have reached the GST turnover threshold, please feel free to contact us.

For further details regarding registering for GST please visit the ATO website.

Registering for GST

For sole traders, please use your myGov account to register.

For all other businesses, please use your online business portal to register.