GST (Goods and Services Tax) – Tax Refund On Spot
If you’re not registered for GST, check each month to see if you’ve reached the threshold, or are likely to exceed it. You need to register within 21 days of your GST turnover exceeding the relevant threshold.
You must register for GST:
- If your business has a turnover( gross income – GST) of $75000 or more
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
- if you're already in business and have reached the GST threshold
- if you have non-profit organisation has a GST turnover of $150,000 per year or more
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- if you want to claim fuel tax credits for your business or enterprise.
If your business or enterprise doesn’t meet one of these criteria so, registration for GST is not mandatory.
If you choose to register, generally you must stay registered for at 1 year.
If you don’t register for GST and you may required to lodged GST, you may have to pay GST on sales if your turnover reach at certain amount, you may required to register.
You may also have to pay penalties and interest.
For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au
