Should your business be registered for GST?

If you’re planning on starting a business or you’ve already started one, you may be wondering if you should be registered for GST.

Many business owners think it’s a requirement to be registered for GST.

This is not quite true – if your turnover is likely to be or exceed $75,000 per year, then yes, your business needs to be registered for GST.

However, if it’s less than $75,000 per year, then registering for GST is optional.

If your business has not reached the required level of turnover ($75,000), you still need to think about the ramifications of both registering and opting not to do so.

What are the benefits of being GST registered?

From an accounting perspective, we believe more often than not, it’s still a good idea to be GST registered, even if your business has not yet reached an annual turnover of $75,000.

Why?