GST, or Goods and Services Tax, is a broad-based tax of 10% on most goods, services, and other items sold or consumed in Australia. It's an indirect federal sales tax added to the price of products, which customers pay at the time of purchase. The collected GST is then forwarded to the government by the business or seller.
If you're running a business or other enterprise with a GST turnover of $75,000 or more, or $150,000 or more for non-profit organizations, or if you provide taxi travel (including ride-sourcing), you are required to register for GST. Registration is also necessary if you wish to claim fuel tax credits.
For businesses with a turnover below these thresholds, GST registration is optional. However, once registered, you generally must remain registered for at least 12 months. To register, you'll need an Australian Business Number (ABN), and you can register for GST via the Australian Taxation Office's online services, by phone, or through a registered tax agent or BAS agent.
It's important to consider the implications of GST registration for your business, including the need to include GST in your prices, claim credits for the GST included in the price of goods and services you buy for your business, and lodge activity statements or annual returns.
For further guidance, contact Namecorp’s Support and Compliance Team either by phone on 1300 006 263 or via email at support@namecorp.com.au.