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Repeat after me: “a shoebox alone is not a solution”. Ok, look. I know lots of business owners do this – and it’s not the end of the world if that’s where all your receipts are stored right now. I’ve got a few tips up my sleeve to help you keep on top of them – and...
The biggest question is ‘when do I have to register for GST?’. The textbook answer to that question is you must register when your business reaches sales of $75,000 in the course of 12 consecutive months, 12 rolling months. So this doesn’t necessarily mean a calendar year or a financial year, but 12 months in a row of trading. If you are projected or about to have reached $75,000 in sales you must register for GST. You must for GST. Sales are sales directly to customers. So that’s not including expenses or after expenses. It’s not profit. It’s turnover, customer invoices.
Alright, cool cool cool cool. I’m ready to level up now.