(Australian Taxation Office)
If you’re not registered for GST, tax time is the perfect time to check your business turnover to see if you need to register.
You’ll need to register for GST:
- when you have an annual turnover (gross income minus GST) of $75,000 or more, or $150,000 for non-profit organisations
- if you provide taxi 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.
You should check each month to see if you’ve reached the GST threshold.
Remember, registered tax agents and BAS agents can help you with your tax.
If you would like to know more, feel that you or anyone you know requires advice, or would simply like a review of your financial situation, please visit our contact page call our office today to arrange an appointment on (07) 5574 0667.
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