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When Do You Need To Register For Gst
When it comes to registering for GST, there are two main conditions that you must satisfy. First, you must be an entity who is subject to GST obligations. Second, you must meet the GST turnover threshold. If you satisfy these conditions, you have 21 days to register for GST .
The GST turnover threshold is the annual turnover of your business. If your business has a turnover of $75,000 or more per year, then you must register for GST . However, if your business has a turnover of less than $75,000 per year, then registering for GST is optional .
If you are unsure whether your business needs to register for GST or not, you can use the ATO’s online tool called the GST registration decision tool . This tool will help you determine whether your business needs to register for GST or not.
If you do need to register for GST, you can do so online through the ATO’s Business Portal . You will need an Australian Business Number (ABN) before you can register for GST .
Once you have registered for GST, you will need to start charging GST on your sales . You will also be able to claim back any GST that you have paid on your business expenses .