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Exceeding GST threshold

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Newbie

Views 906

Replies 2

Hi,

 

I am starting a new business and don't expect to exceed the GST threshold of 75000. 

 

What happens though if I do and I have not been charging my clients GST? Do I then just start charging GST from that point onwards or would I be liable for GST payments for the amounts earned up to the threshold?

 

Thanks,

W

 

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Enthusiast

Replies 0

"If you haven't registered for GST, and you become aware that your GST turnover will exceed the $75,000 per year threshold, you will have to register for GST within 21 days."

 

You should start charging GST to your clients from the day you have registered.

 

If you want to read more see here:

https://www.business.gov.au/registrations/register-for-taxes/register-for-goods-and-services-tax-gst

 

 

 

2 REPLIES 2
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Best answer

Enthusiast

Replies 0

"If you haven't registered for GST, and you become aware that your GST turnover will exceed the $75,000 per year threshold, you will have to register for GST within 21 days."

 

You should start charging GST to your clients from the day you have registered.

 

If you want to read more see here:

https://www.business.gov.au/registrations/register-for-taxes/register-for-goods-and-services-tax-gst

 

 

 

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ATO Certified

Community Support

Replies 0

Hi @Slartibartfast3,

 

@Li0 is spot on, thanks!

 

We also have some useful information about Registering for GST on our website if you'd like more info.

 

Thanks,

@BrookeT