I have had a sole trader ABN since April 2019 and never anticipated to earn much.
My working situation changed and I have now earned over $90K for the 2019-2020 financial year. I have just learned that I need to register for GST (I for some reason though the threshold was $100K).
I have only invoiced the same business as I work for them but for accounting purposes (the owner is just lazy) he preferred that I am on an ABN instead of paying me as an employee. I am fine with this but my question is, as I take 100% of what I earn as salary (minus the amount I put aside for tax each pay) how do I calculate the GST owed?
I have very limited expenses as this is essentially an employer employee relationship (the business owner pays for my phone, petrol etc) and I’m just getting paid through my ABN instead of as an employee.
I think you need to talk to your accountant ASAP. This situation looks like you are being an employee and you really have to get the situation sorted as both you and your employer can get into trouble by not following correct procedures.