#02 What The Heck Is GST (and when should I register?)

Is the concept of GST overwhelming you? You’ve heard that you should register for GST at some point, but when?

In this episode, I’m diving into what GST even is and when you should register for it. I’ll talk about the types of transactions that are GST free, the benchmark and timeframe for registering for GST, deciding on the method of registration (cash or accrual) and how to absorb it into your pricing. 

Goods and Services Tax (GST) is a 10% tax and is designed to be paid by the person at the end of the sale – not the businesses doing the buying and selling. It’s completely different from your income tax so if you’re registered for GST then you must do both.  

I’m finishing off this jampacked episode with some hot tips for you! If you’re struggling with working out the GST or you’re in e-commerce and charge shipping, make sure you listen closely. 

RESOURCES MENTIONED:

GST | Australian Taxation Office (ato.gov.au)

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Previously known as Power In Numbers

LINKS:

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