Essential GST Tips for New Businesses

23 July

If your business’s annual turnover hits A$75,000, you must register for GST. Here’s what new owners need to know:

What is GST? A 10% tax on most goods/services sold in Australia
When to Register: Turnover >A$75,000 (mandatory). Below, voluntary registration possible (often for input tax credits).
How it Works:
- Add 10% to sales invoices.
- Lodge BAS (business activity statement) each period.
- Claim GST paid on business-related expenses.
Deduction Tip: GST credits only available to registered businesses.
Common GST Mistakes
Failing to register when required.
Incorrectly claiming GST on private or non-deductible expenses.
Missing BAS lodgment deadlines.
Pro Tip
Isolate your GST obligations in a dedicated business account. Set aside PAYG and super obligations as you go to avoid last-minute shortfalls