Checklist for people starting a new business

GST

Do you know …	Why this is important	Where you can find out more
Do you need to register for goods and services tax (GST)?	You must register for GST if one of the following applies: your business has a GST turnover of $75,000 or more ($150,000 or more if you are a non-profit organisation) you are a taxi driver you provide limousine or hire-car services.	For more information See GST for small business. You can register for GST: at the same time you apply for your ABN through your tax agent by obtaining the appropriate form for your business ABN registration for individuals (sole traders) ABN registration for companies, partnerships, trusts and other organisations. If you have already applied for an ABN, you can register either: via the Business Portal by completing the form Add a new business account and returning it to us by phoning us on 13 28 66.
Do you know how GST works?	If you are registered for GST, you must pay one-eleventh of your taxable sales to us. You can claim credits for the GST you pay in the price of your business purchases.	For more information, see: Tax basics for small business GST for small business.
Do you know what you must show on a tax invoice, for GST purposes?	For GST purposes, you must show certain details on a tax invoice, depending on the amount. If you are not registered for GST you cannot issue a tax invoice.	For more information: see Tax basics for small business GST for small business Record keeping for small business phone us on 13 28 66 talk to a tax advisor.