More and more people are interested opening up a business. Because of this, becoming successful to any business you want to pursue may not come very easily. But before you think about becoming successful, it is important that you know the requirements set by the government first and you have to make sure that you comply.
One of the things you have to tell your self is “I have to register my business”. Registering your business in GST is very important, because if this you failed to do, there are many consequences that you might need to face.
But just like to any of your business requirements, you have to make sure that you know everything about what your business requires. If you are planning to register for GST, it is your responsibility to know everything about it.
The best way to get to know more about GST is asking questions from the company where you are planning to seek help. Just to provide you with a few questions you can start with, read below:
- Why do I need to register GST?
If you are expecting more than $75000 annually a year, then registering is something you have to consider. It is your responsibility to ensure that your business is registered when it exceeded the $75000 threshold.
Needless to say, if your income is not going beyond the $75000, you can still register GST especially that it offers a lot of benefits.
- Is ABN a requirement?
Yes, you need ABN before you can register GST. There are many companies that offer ABN registration, hence if you want to make everything easy and convenient, you can just seek help from professionals, if you do not have ABN yet.
With the many benefits you can get from registering GST, there is absolutely no reason why won’t you not initially get ABN for GST.
- Is there a penalty if I do not register for GST
If you are a company owner that wants everything legal, there is no reason why won’t you register for GST. Ahead of time, right before you know penalties, it is very important that you know that registering GST is a requirement for any business, whether they can reach annual income of $75000 or not.
Penalty should not be a deciding factor when registering GST, it is legality you have to seriously consider.
- Why online registration is a better option
It is only registration that is more popular simply because, when you do it online, it gives you the convenience of registering. You do not need to go anywhere as you can register your GST right at the comfort of your home. Make sure though that the company you asked to register your GST is accredited.
- When do I need to register?
Basically, registration must happen the moment you open up a business, but needless to say, some business owners wait until they reach the $75000 before registering. It is okay, if you do the latter, but make sure, GST is registered within 25 days you forecast above $75000 income.