Start-ups guide to GST

Starting up a new business can be both exciting and confusing. There are many reporting requirements and regulations to adhere to, and it can be hard to know where to begin! Let us help!

Do you need to register your business for GST?

You’ve just launched a new start-up business – congratulations! What’s next?

If you answer yes to any of the following you will need to register your business for GST:

Otherwise, registration for GST is optional.

Note: You have 21 days to register for GST once you become aware that your GST turnover will go over the $75,000 threshold. 

Don’t have an ABN yet? You can register for GST at the same time as applying for an ABN. If you would like a hand, our experienced team can apply for both on your behalf.

Okay. You’ve registered for GST.

Now what?

The following will become your go-to list in the early days of your start-up business. After a while, it will become second nature, but in the meantime:

  1. Word “Tax Invoice”
  2. Business name
  3. Business ABN
  4. Date the invoice is issued
  5. Brief description of the items being sold including qty and price
  6. GST amount (if any) payable – this can be shown separately or if it is exactly one-eleventh of the total price it can say “Total Price includes GST”
  7. Tax invoices for sales of $1000 or more need to show the buyers identity or ABN.

Accounting for GST in your business

As a GST registered business, you need to issue tax invoices to your customers, collect GST and send it to the ATO with your Business Activity Statement (BAS). There are a few ways you can make this easier to manage:

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All a bit confusing?

We understand that GST can be a bit daunting, so we have put together a start-ups guide to GST. It is full of helpful information that will assist you with understanding your GST obligations and how to code your transactions correctly.

If this all sounds a bit too much, and your time is better spent elsewhere, click here to book a free complimentary consult with us. We can discuss your current business situation, and explain how a bookkeeping health check can help get a clear understanding of your finances.

All a bit confusing?

We understand that GST can be a bit daunting, so we have put together a start-ups guide to GST. It is full of helpful information that will assist you with understanding your GST obligations and how to code your transactions correctly.

If this all sounds a bit too much, and your time is better spent elsewhere, click here to book a free complimentary consult with us. We can discuss your current business situation, and explain how a bookkeeping health check can help get a clear understanding of your finances.

What is a bookkeeping health check?

A Balanced Beans bookkeeping health check It is a high-level review of your accounting data-file. It allows us to make sure there are not any obvious set-up or transactional errors in your file to ensure you are meeting your BAS obligations.

Any further questions? Book a meeting to discuss how we can help streamline your business bookkeeping, manage your payroll, complete your BAS and other tax-related requirements, and more.