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Re: Do I have to register for GST

Initiate

Views 232

Replies 3

I have a small company that is about to win a large contract for a one off transaction in FY22.

 

The amount will be for $85,000.

 

Do I need to register for GST if after the amount if paid the company will likely never earn over $75k again? Or do I register for GST, then deregister? Can I just pay the GST and not register?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 1

Hi @Frost

 

@macfanboy is correct in that you will need to register for GST as soon as your turnover exceeds $75,000. However, you will not be eligible to lodge annually. Only entities that are voluntarily registered for GST are eligible to lodge annually, so you would need to report quarterly for that financial year. If you decide to remain registered for GST voluntarily in subsequent financial years you may be able to switch to an annual registration.

 

Once registered you will generally need to stay registered for a year.

 

Hope this helps.

 

3 REPLIES 3

Taxicorn

Replies 2

@Frost 

 

Yes you will need to register for GST as your turnover will be over $75,000

 

I would register for annual GST, lodge and then cancel GST the next financial year.

 

 

Most helpful response

Former Community Support

Replies 1

Hi @Frost

 

@macfanboy is correct in that you will need to register for GST as soon as your turnover exceeds $75,000. However, you will not be eligible to lodge annually. Only entities that are voluntarily registered for GST are eligible to lodge annually, so you would need to report quarterly for that financial year. If you decide to remain registered for GST voluntarily in subsequent financial years you may be able to switch to an annual registration.

 

Once registered you will generally need to stay registered for a year.

 

Hope this helps.

 

Taxicorn

Replies 0

@JimmyATO 

 

Whoops, don't know what I was thinking of Smiley Happy

 

Thanks