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Should I register my start-up business for GST?


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If you’re planning on starting a business or you’ve recently started one, you might be wondering whether you should register for GST. Read on to find out when you nee to from a legal standpoint, as well as the pros and cons of registering when you don’t have to.


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When you have to register for GST

If you have (or expect to have) an annual turnover of $75,000 or more, it’s compulsory for you to be registered for GST. You can do this by contacting the Australian Taxation Office or a registered tax or business activity statement (BAS) agent.


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The pros and cons of registering for GST if you don’t have to

There are pros and cons or registering if your turnover is less than $75,000.

Pros

  • You won’t need to include the 10% GST in the price of your goods and services.

  • You won’t have to do quarterly GST reporting to the ATO via business activity statements (BAS).

Cons

  • You won’t be able to claim the GST on any business purchases you make.

  • You may not be as attractive to deal with for businesses that are looking to claim back the GST on the purchases they make


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How we can help

If you want to set up your business finances to run as smoothly as possible in your new business, our team at Scorpion Bookkeeping can help. We provide cost-effective bookkeeping support services to a diverse range of clients in South Australia, New South Wales and Victoria.


And if you’d like to implement cloud-based Xero bookkeeping software to make managing your business finances quick and easy, we can help you with that as well. We are a Xero-certified partner.


Contact us today for a free, no-obligation consultation to find out how we can help your business!


If you want to set up your business finances to run as smoothly as possible in your new business, our team at Scorpion Bookkeeping can help. We provide cost-effective bookkeeping support services to a diverse range of clients in South Australia, New South Wales and Victoria.


And if you’d like to implement cloud-based Xero bookkeeping software to make managing your business finances quick and easy, we can help you with that as well. We are a Xero-certified partner.


Contact us today for a free, no-obligation consultation to find out how we can help your business!

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