GST Turnover Threshold 2020

You reach the GST turnover threshold if either:

  • Your 2019-2020 “Current turnover” totals is $75,000 or more and For Non profit organizations have turnover is $150,000 or more need to register your GST and your turnover is for current month and previous 11 months will be considered as well.
  • Your “Future Gst turnover” if you feel like it’s been $75,000 or more and if you have non-profit organisation and have turnover $150,000 or more

For Businesses, we need company’s expenses and sales for registration which makes registration easier.

When you calculate and expected your projected GST turnover, you  don’t include in GST is for:

  • If you sale your business assets  such as the sale of a capital asset  that you receive amount on it
  • any sale you want make, or are likely to make, solely as a consequence of ceasing to carry on an enterprise, or substantially and permanently reducing the size or scale of an enterprise or business

If your  projected GST turnover will be below the GST threshold and doesn’t matter if your current GST turnover is at, or more, you don’t have to register for GST.

If you’re a member of a GST group, your business turnover includes the turnover of the other group members for GST group and it doesn’t include transactions between group members.

If you don’t register for GST and are required to, you may have on sales which you may have made on sale since the date of registration. If you forget to pay GST on sales you may be penalised on interest through ATO.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au