Small business GST: Who needs to register and how do you do it?
Goods and services tax (GST) is a wide-ranging tax of 10 percent levied on most goods, services and other consumed or sold items.
It applies to most Australian businesses, so it's likely that your company should have registered for it.
Are you collecting 1/11th of the sale price from your clients or customers and paying it to the ATO when it's due?
Are you sure that you’re compliant?
We take you through the basics GST registration - who needs to register and how to go about it…
GST registration: Do you need to register?
A number of factors about your business help determine whether you need to register for GST.
You must register if:
- Your company has a goods and services tax turnover of at least $75,000
- Your non-profit business has an annual turnover of at least $150,000
- You offer taxi travel to passengers in exchange for a fee as part of your business, no matter your GST turnover (this applies to those who rent a taxi, as well as taxi owner drivers)
Note that it is your responsibility to register for GST if you are likely to meet or exceed the $75,000 threshold. But also note that ‘GST turnover’ is not your business's profit; it is your business's gross income.
If your business does not meet one of the above criteria, you aren't required to register for GST.
When do you have to register for GST?
If you expect that your GST turnover will exceed $75,000, you must register for GST within 21 days, if you haven't already done so.
To ensure that you don't go over the threshold, check your GST each month. You can still register if your GST turnover is less than $75,000 but you will be required to include GST in your fees and claim the credits for any business purchases, regardless of your turnover.
How to go about GST registration
Head over to the Business Registration Service.
Here you can register for other taxes, as well as GST, on the same form. It's important to take into account that you will need an Australian Business Number (ABN) to register.
GST preparation in Perth
To ensure that you're meeting the GST guidelines outlined above, contact us at Ascent Accountants. We can help you with all aspects of GST registration and preparation.
Need help with your accounting?
June is zooming by! Here’s another handy checklist for business owners—let’s get you sorted for EOFY and tick off those to-dos.
EOFY is almost here. Are you ready? Now’s the time to get your finances in order and maximise your tax return. Our latest guide covers top tax deductions, super contributions & co-contributions, SMSF must-dos, PAYG instalment tips and a 30 June checklist.
Whether you're a first-time landlord or managing multiple properties, understanding what you can claim at tax time can make a big difference to your bottom line. In our latest blog, we break down the most common (and often overlooked) deductions.
Buying and selling property rarely lines up perfectly. The logistics of it all can be incredibly stressful. If you’ve found the perfect next home but haven’t sold your current one yet, a bridging loan can make your move easier, without having to wait on your current property sale. What is a bridging loan? A bridging loan is a short-term loan that gives you the funds to buy a new property before your current property has sold. It’s designed to bridge the gap between buying and selling. These loans are generally interest-only and are typically offered for up to 12 months, giving you time to sell and settle on your current home while already owning the next one. When would I need a bridging loan? You might consider bridging finance if: You’ve found your next home but haven’t yet sold your current one. You want to avoid renting or moving twice between sales. You want more time to prepare your home for market to get the best sale price. You're building a new home while still living in your existing one. How does it work? Peak Debt: The lender combines your current mortgage, the cost of the new property (including stamp duty and legal fees), and any interest (if it’s being capitalised). This total is known as your Peak Debt. Interest Only: During the bridging period, you’ll typically pay interest only — or the interest may be capitalised (meaning it’s added to your loan rather than paid upfront). Sell Your Property: Once you sell your existing home, the sale proceeds are used to reduce your Peak Debt. End Debt: The remaining balance becomes your End Debt, which then continues as a standard mortgage. An example of a bridging loan. Your current home loan = $200,000 New home = $800,000 Total bridging loan (Peak Debt) = $1,000,000 After selling your home for $600,000, that amount is used to pay down your loan Remaining loan (End Debt) = $400,000 Things to consider. Like any major financial decision, it’s important to understand all the moving parts before you commit. Time pressure: You typically have 6–12 months to sell. If you don’t sell in time, the lender may step in to sell the property and/or charge default interest. This is an extra interest rate that a lender charges when you fail to meet your loan obligations — in this case, not selling your property within the agreed timeframe. Interest costs: If interest is capitalised, it means you're not making repayments during the loan period, so the interest gets added to the loan balance instead of being paid separately. This means your loan grows each month. Making even small repayments can help keep this under control. Equity & serviceability: Lenders will assess how much equity you have and whether you can manage the loan during the bridging period. Loan-to-value ratio: If your End Debt ends up being more than 80% of the new property’s value, you may have to pay Lenders Mortgage Insurance (LMI). Existing loan setup: If your current lender doesn’t offer bridging loans, refinancing may be required — sometimes triggering break fees if your existing loan is fixed. This means you may have to pay a penalty if you end a fixed-rate home loan early (before the agreed term is up). Is a bridging loan right for you? That’s the big question. Bridging finance can offer flexibility and peace of mind, helping you move forward with confidence rather than being held back by uncertain sale timing. But it’s not without risk or cost — so it’s vital to understand the structure, timeframe, and repayment expectations. If you’re considering your next property move and want tailored advice on whether bridging finance suits your situation, talk to the team at Ascent Property Co. or Ascent Accountants. We can also put you in touch with finance brokers to discuss what is best for you.
That work perk might be costing you more than you think… Fringe Benefits Tax (FBT) is charged at a whopping 47% — the same as the top personal tax rate. That means lower salary or fewer benefits. So, while salary packaging can save tax, in many cases it ends up costing you more.
If you’re expecting a higher income this financial year, now is the time to act. We’ve put together 9 Smart Tax Planning Tips that could save you thousands — but they only work before 30 June.
