Registering for GST
As a business owner, it's your responsibility to register for GST if your turnover exceeds the $75,000 threshold or is likely to exceed it. The ATO advises that if you've just started a new business and expect it to earn $75,000 or more in its first year of operation, you should register for GST.
Registering for GST means the price of your goods and services will have a markup on it, but it also had a silver lining that you can claim GST back on your business related purchases. As we have mentioned before, we suggest keeping receipts for all these claims and a diary/excell sheet to note them down (if without software such as xero).
