GST Spreadsheet
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In Australia, businesses with an annual turnover of $75,000 or more are required to register for Goods and Services Tax (GST). If your turnover is less than $75,000, you may still choose to register voluntarily. If you expect your business’s turnover to exceed $75,000 in the next 12 months, you should register for GST as soon as possible.

Taxi, Uber and Hire Car Drivers

Taxi, Uber and Hire Car drivers are also required to register for GST regardless of their annual turnover. Taxi services are considered a taxable supply, meaning that GST must be charged on the fares received by taxi drivers. This includes all fares received for taxi services, including metered fares, flat rates, and charges for additional services such as wait time and baggage handling.

Appropriate Time to Register for GST

If you expect your business income to be greater than $75,000 in the next 12 months, you will need to register for GST. This allows you to charge GST on your taxable supplies and claim input tax credits for the GST included in the cost of goods and services you use in your business. By registering for GST, you can also avoid any penalties or fines from the Australian Taxation Office (ATO) for failing to register when required.

Registration Process

To register for GST, you can complete the registration process with the ATO, if you do it yourself, it is free to register at the ATO. However, if you seek the help of a Registered Tax Agent there will be extra costs involved. You will need to provide information about your business, including your ABN, expected turnover, date to start the registration, whether you are doing cash or accruals accounting and whether you will report monthly, quarterly or yearly. Once registered, you must comply with your GST obligations, including charging GST on taxable supplies and lodging Business Activity Statements (BAS) with the ATO, which details your gross income, the GST collected and the GST you are entitled to claim back as input tax credits.

Conclusion

In conclusion, if your business has an annual turnover of $75,000 or more, or if you expect your business income to be greater than $75,000 in the next 12 months, you should register for GST. The registration process is straightforward and can be completed with the ATO. By registering for GST, you can ensure that you comply with your GST obligations and avoid any penalties or fines from the ATO.

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