• This topic is empty.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #987370
    Chrisco
    Member
    • Total posts: 2
    Up
    0
    ::

    My name is Chris
    I am in my 20’s running my own business as a sole trader doing home handyman property maintenance. I got myself a ABN and AUSkey I need to decide if I need to register for GST. I have tried to keep records using a excel spreadsheet but have gone down the path using a cloud based software with invoice generator where I can use on/end of the job. At times I am a bit overwhelm and stressed, I have requested a few ATO callback which is some help. By joining this forum I will hopefully get great advice.

    #1162375
    MissSassy
    Member
    • Total posts: 1,255
    Up
    0
    ::

    Hi Chris and welcome

    Flying Solo is an amazing place with heaps of support and information available to you.

    I recommend that anyone who is starting also register for GST, if you are a serious business owner you are going to plan to turn over more than $75k. So get used to doing the BAS returns while the turnover is smaller.

    #1162376
    Dave Gillen – Former FS Concierge
    Keymaster
    • Total posts: 2,566
    Up
    0
    ::

    Hi Chris,

    Welcome aboard the forums!

    If you’re under $75k I wouldn’t recommend registering for GST so you can do more paperwork as ‘practice’ (you have enough on your plate). But there may be other reasons to do it depending on what you purchase for the business – maybe some tax experts can shed some light on this for you.

    Thanks for joining us and good luck. :)

    Dave

    #1162377
    The Hobbit
    Participant
    • Total posts: 309
    Up
    0
    ::

    Register for GST, the paperwork isn’t much, using MYOB it takes about 10 minutes. Register to pay monthly; that way you won’t build up large quarterly debts when you start to earn good money.
    Register now and you’ll be able to claim back the GST on all your start-up purchases.

    #1162378
    Chrisco
    Member
    • Total posts: 2
    Up
    0
    ::

    Thanks for the feedback I am going to call the ATO tomorrow. I am using a software base bookkeeping service which I can edit on the go. I think monthly is the way to go I think the hardest part is going to be the start and learning how.

Viewing 5 posts - 1 through 5 (of 5 total)
  • You must be logged in to reply to this topic.