Home – New Forums Starting your journey What to do next? GST & Suppliers etc etc Reply To: What to do next? GST & Suppliers etc etc

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re I have a business name registered (State based sole-trader for now)
Even though I will be starting small and will likely be under the threshold for GST for quite a while, should I still register for an ABN?

Hi, if you have a business name registered you should already have an ABN. An ABN (Australian Business Number) has to be registered to a tax file number, in this case it is yours. Registering for GST is a separate thing to an ABN and is compulsory for turnover more than $75K. Having said that, many people prefer to register for GST because you can claim the GST back even though you have more paperwork, and it looks better for businesses dealing with you. Read more at http://www.ato.gov.au under Businesses.

I can’t answer the suppliers question. However, I don’t think you should offer 30 day terms yourself. Most of my suppliers require payment on order or within 7 days. As I do the same it works best that way. There are normally minimums to purchase if you wish to purchase wholesale.

I’m sure someone else will have some wise advice for you after the weekend when more people check in.