Checklist for new business

CHECKLIST FOR NEW BUSINESS OWNERSRegistering for goods and services tax (GST)Back to topDo you know… Why this is important Where you can find out Notes8. How does GSTwork?9. Do you need toregister for GST?10. What do youhave to show on atax invoice?If you are registered or required to beregistered for GST you:• have to pay one-eleventh ofthe price of your taxablesales to the Tax Office, and• can claim a credit for theGST included in the price ofmost business purchases.You must register for GST if:• your business expects annualsales of $50,000 or more, or• you are a taxi operator or hirecar operator.If you are registered for GST you haveto show certain details on a taxinvoice.If you are not registered for GST youcannot issue tax invoices.Tax basics for small business(NAT 1908) – Chapter 9 – Goodsand services tax – How does GSTwork?GST for small business (NAT 3014)GST for small business (NAT 3014)– Chapter 1 – Register for GST –Do you have to register?You can register for GST on yourABN application form.Tax basics for small business(NAT 1908) – Chapter 9 – Goodsand services tax (GST) – What is atax invoice?GST for small business (NAT 3014)– Chapter 4 – Issue tax invoicesRecord keeping for small business(NAT 3029) – Chapter 2 – Businessrecords you need to keep –Records relating to income tax andGST (sales and purchase records)PAGE 4 OF 9