Check Your GST Registration as the Year Wraps Up

As the end-of-year approaches, now’s a great time to check if you’re still required to be registered for GST.

If your circumstances have changed, and your business has grown or reduced in size, you may need to register or cancel your GST registration.

Things to check:

• Exceeded the threshold? If your GST turnover is $75,000 or more, you need to register for GST. Once registered, you need to charge GST on taxable sales and issue tax invoices.
• Below the threshold? If your GST turnover is less than $75,000, you can choose to cancel your GST registration. Once cancelled, you can no longer claim GST credits.
• Stopped trading? If you’re no longer in business, you need to cancel your GST registration within 21 days of stopping your business activities.
• Taxi or ride-sourcing driver? You must be registered for GST, regardless of your turnover.

You can register or cancel your GST registration through Online services for business or your registered tax or BAS agent.

Need help? Accountplan’s experienced team can help take the confusion out of your tax responsibilities, call us on 07 3883 8999.