Good and Services Tax (GST)
Not all the businesses are required to register for GST unless they meet the specific guidelines as set out in the legislation. You must register for GST:
- when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
- if you’re already in business and have reached the GST threshold
- if your non-profit organisation has a GST turnover of $150,000 per year or more
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- if you want to claim fuel tax credits for your business or enterprise.
AIFA Accountants we will:
- Applying for Australian Business Number (ABN) and registering for GST.
- Preparation and Lodgement of Quarterly Business Activity Statement (BAS).
- ATO Audit and Compliance assistant.