You are required to register for Goods and Services Tax (GST) if either:
- your business or organisation has an annual GST turnover of $75 000 or more
- your non-profit business or organisation has an annual GST turnover of $150 000 or more
- you receive fares for transporting passengers by taxi or limousine (e.g. a taxi driver)
- you want to claim fuel tax credits for your business or enterprise.
GST turnover is your gross business income excluding GST for either the 12 months leading up to the current month (current GST turnover) or the 12 months starting with the current month (projected GST turnover). If you have just started a new business and expect it to earn $75,000 or more in its first year of operation, you are required to register for GST.
Please note that:
- if you are registered for GST you can reclaim the GST component of the price of any goods or services you buy for your business
- you can process your GST via your monthly or quarterly Business Activity Statement (BAS).