Home – New Forums Starting your journey GST? Register or not?

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  • #1020072
    Pesty
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    You make a good point Ray, I had been considering that advantage as well. Janna, I called them and was told to just sit tight and wait. They did say that the ABR site generally updates sooner than they make contact with me to say it’s been done, so I guess I’ll be haunting the site then!

    Regards,

    Nicki

    #1020073
    FletcherTax
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    Nicki, I hope it will be sooner rather than later for you!

    Best wishes,

    #1020074
    Pesty
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    I sure hope so too Janna! Thanks.

    Nicki

    #1020075
    BeYourOwnBookkeeper
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    As a small business owner you need to be tracking your Income and Expenses anyway regardless of whether you need to report to the ATO each quarter.

    Sometimes being registered for GST is a good way of making sure you keep up to date with your Bookkeeping.

    I always tell my clients that they should view their bookkeeping as an opportunity to see how their business is performing, don’t just think of it as a necessary evil to satisfy compliance issues with the Tax office!

    In other words, whether you register for GST or not you should have a plan in place to report on your business performance.

    Robyn Howard
    Author of Be Your Own Bookkeeper
    Boost Bookkeeping
    http://www.BeYourOwnBookkeeper.com

    #1020076
    lukew
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    I have read through the post and see the post that states voulantary GST registration but under the 75K threshold you only need to submit a bas yearly.

    My question to this; during set up of a business (web site / design / office equip / fuel / phone bills / then eventially stock in some cases) can you register for GST so you can claim back that 10% when it comes time. But have it sit dormant if you know your first sale won’t be for a couple of months down the track so you don’t have to worry about the paperwork ?

    Regards,

    Luke

    #1020077
    BeYourOwnBookkeeper
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    Hi Luke

    Yes you should keep a record of all expenses relating to your business set up so that you can claim back the GST, even if you lodge the BAS statement 12 months later on an Annual Basis.

    Registration for GST can also be backdated if you decide you do want to be registered after commencing the set up of your business.

    If you need some more info on setting up Administration and Bookkeeping processes for your new venture see Be Your Own Bookkeeper.

    Robyn Howard
    Boost Bookkeeping
    author of Be Your Own Bookkeeper

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