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charged GST but not registered

Newbie

Views 468

Replies 2

Hi,

I started a small business in the last financial year (2019/2020) and have charged GST as the intention was to do this as my fulltime job and thus earn over $75,000.  Alot of things have changed and I have not gotten even sclose to $75000 nor did I register for GST purely by mistake.

What should I do now?  Do I pay back any GST charged to clients?  Should I register for GST for last year.  I have had to become a carer so this business is just sitting there.

Help

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 1

What should I do now?  Do I pay back any GST charged to clients? Should I register for GST for last year. 

 

Best option is to retrospectively register for GST.

You will have to pay out the GST amount either way, but registration allows you to claim input credits.

 

 

2 REPLIES 2

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 1

What should I do now?  Do I pay back any GST charged to clients? Should I register for GST for last year. 

 

Best option is to retrospectively register for GST.

You will have to pay out the GST amount either way, but registration allows you to claim input credits.

 

 

Newbie

Replies 0

Thanks, will do