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4 June 202103:28 AM - edited 4 June 202103:29 AM
If I tally up all of my sole trader ABN income for the past 11 months plus current month of June 2021 (including JobKeeper payments during late 2020) I sit just over the $75,000 GST threshold for the first time. I expect to remain just over this threshold until December - my monthly income will be consistent until then.
However I am planning to cease all activity with my ABN in January 2022 to pursue a different career path as a regular employee, so I "project" my GST turnover for June 2021 plus the next 11 months to be well below the $75,000 threshold (since, beyond January, my ABN income will drop to $0).
THE BIG QUESTION: Do I need to register for and charge any GST now, or over the coming months before I cease work in January? My interpretation of the ATO information is that since my projected GST turnover is below $75,000, GST registration is not required.