Many small business owners must register for GST to sell their products and services. However, ABN GST registrationcan be complex and requires some guidance. This blog post is designed for anyone who needs help registering for GST or has questions about the process.
What is GST?
GST is a tax charged on most goods and services in Australia. Businesses that sell products and services that are GST-free or exempt from GST do not need to register for GST.
Steps to register for GST:
1) Find out if you can register at all:
The first step is to find out if you can even register for GST. Not all businesses need to register – it depends on your annual sales turnover. If you are not sure whether you need to register for GST or not, it is best to consult with an accountant who can help advise you on your specific situation.
You can find more information on the GST website or contact the Australian Taxation Office (ATO).
2) Get your ABN from the ATO:
If you decide that you need to register for GST, the next step is to get your Australian Business Number (ABN) from the ATO. This number is used to identify your business on all tax-related documents and dealings with the government. You can apply for an ABN online or fill out a form available from any Australia Post office.
It can take up to two weeks for your ABN to be processed, so don’t wait until the last minute to apply.
3) Register with Australian Customs Service (ACS):
You will also need to register with the Australian Customs Service (ACS) for any import or export items your business deals in. This includes goods you are trying to bring into Australia and those being shipped out of the country. The ACS has an online registration system where you can provide details about your business and what types of goods you will be shipping.
You don’t have to register if all your goods are personal.But keep in mind that there is a limit on how much duty-free alcohol and tobacco an individual can bring into the country from outside Australia – this amount varies depending on where you travel.
4) Register with each State’s Revenue Office, or else risk penalties:
If your business is based in a state other than Tasmania, you must register with the relevant Revenue Office. The government department is responsible for tax collection and enforcement in each state. You can find contact information for each office on the ATO website.
5) Fill out a Goods and Services Tax return every month:
Once you are registered for GST, you must submit a Goods and Services Tax (GST) return every month. This document details all of the taxable sales and purchases your business has made during the month. You can either do this electronically or by filling out a paper form.
In conclusion, the best advice we can give to any business owner who has just started is to consult with an accountant and check online if you’re not sure.
Interesting Related Article: “How to File Your Taxes and Save Money“