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If you’re an employee, you won’t have to apply for an ABN or register for GST as part of your employment.
If you’re a contractor and your GST turnover is less than $75,000, you’ll need to apply for an ABN.
If you’re a contractor and your GST turnover is more than $75,000 (or you think you’ll earn above this amount) then you’ll need to apply for an ABN and register for GST.
If you’re not currently registered for GST, check each month to see if you’ve reached the threshold or are likely to exceed it. Once you exceed the $75,000 threshold, you have 21 days to register for GST.
How do I report GST?
If you’re a contractor registered for GST, you include GST in the price you charge for goods and services. You also report any GST you collect in your BAS. Your BAS is completed monthly, quarterly or annually. We’ll automatically send you a BAS to fill out when it’s time for you to lodge.
You’ll also be able to claim GST credits for business expenses via your BAS.
Remember to put aside amounts equal to the GST you’ve collected, so that you’re able to pay your BAS when payment is due. If you think you might be unable to lodge or pay by the due date, contact us as soon as possible
How do I complete my tax return?
Where you report income on your tax return depends on whether you’re an employee or a contractor.
sign up for pay as you go income tax instalments, otherwise known as PAYGI. We’ll then use your income estimate to issue you with regular PAYGI activity statements. We may also enrol you in the program based on information you provide us in your tax return.
We can also help if you get a bill when you lodge your tax return. You can create a payment plan online using our online services in myGov, or you can contact us for tailored advice and support.
I’m on a working holiday maker visa. Do I need to lodge a tax return?
If you work as an employee, your employers will withhold 15% of your wages as income tax. The requirement to lodge a tax return depends on how much you earn. You don’t need to lodge a tax return or a non-lodgement advice if all the following apply:
all your income as a working holiday maker was salary and wages
the total of your taxable income for the income year was less than
$37,001 in 2019-20 and earlier income years
$45,001 from 2020-21 and later income years.
If you have an ABN and work as a contractor, you must lodge a tax return regardless of how much you earn.