Turnover threshold for compulsory GST registration increases by 50 percent
Sunday, 01 July 2007
Prior to 1 July 2007, businesses with an annual turnover of more than $50,000 were required to register for GST. From 1 July 2007 onwards, this compulsory registration threshold has now increased to $75,000. For non-profit organisations, the threshold has increased from $100,000 to $150,000. (Click here to read an overview of the changes.) For businesses located outside of Australia, special rules apply as to which sales count towards the turnover threshold for compulsory GST registration. GST registration is necessary in order to claim a GST refund and businesses below the turnover threshold may choose to voluntarily register for GST. EasyGSTrefunds can assist you in this process.