Question about GST?

[JupiterRayneBoas]

Hello everyone!

I'm still in the starting stages of setting up my shop and was looking to taxes and all that exciting stuff, which lead me to GST. The ATO website states that registering for GST is optional if your turnover is under $75,000, but I was wondering if anyone has registered in case their business takes off?

What other things should I be looking out for before I embark on this endeavour?

[JadoreBooks]

I have no intention of registering before I need to. Sure you can claim GST on your expenses, but I couldn't be bothered with the paperwork involved and I don't want to charge GST on items to local customers, unless I have to. At this stage it's a small business which isn't registered for GST and it's easy. Doesn't mean I can't register for GST at any point in time that I think I might need to. All I've done is obtained an ABN and registered my business name. My losses from my business will just carry forward as non commercial losses until when/if I ever make a profit.

[JadoreBooks]

By the way, as always you should always get your own professional advice.

[Former_Member]

I highly recommend that you don't register until the time arises - it will save you from having to do quarterly BAS statements (which are oh so much fun).

We registered for GST as soon as we went over the figure. Just keep track of your sales and on top of your bookkeeping - typing this I realise I'm behind on mine... but chatting in teams is so much more enjoyable than book keeping ;)

Find a good accountant who is forthcoming with information - we had to learn the hard way that a good accountant makes a huge difference to the amount of tax you end up paying. A good accountant will also be able to assist with any questions. Also I think the ATO offers the opportunity for a representative to come out and talk to you about Small Business and tax and what you need to do - might be worth looking into.

Best of luck!

P.S. When you do registered for GST remember that international sales are GST free :)