24 July 202002:32 PM - edited 24 July 202002:36 PM
I opened an Etsy store about 6 months ago, selling personalised jewellery. However, I only need to manage the store and do customer services , the stock is made in Singapore and shipped directly to customers in USA and other countries, NOT Australia. (Occasionally I will have one or two customers from Australia). Being in Australia, Etsy paid my sale into my bank account, then I’ll have to pay the company in Singapore COGS and shipping fees. My profit is around 10-15%
Do I need to register for business at all as my business isn’t operated in Australia and not for Australian market? I was thinking of putting my profit as foreign income when lodging the tax return, is this the right thing to do?
If I need ABN, how does the GST works? (revenue is over $75k)