Should You Register Your Business For GST?
If your expected annual turnover (sales) will be $60 000 or more you’ll need to be GST registered. This basically means you’ll need to charge your customers 15% more on your pricing for GST – then account for and pass this on to Inland Revenue with your GST return each 1,2 or 6 months.
If your turnover is expected or is less than the registration threshold GST registration is voluntary. Usually it’s better not to be GST registered if this is the case as it creates a lot more paperwork for minimal benefit but it depends on a number of things. It’s best to talk with us about this.