When you’re starting a new business you have numerous decisions to make. You need to pick a business name, decide on a business model, figure out if you’re going to hire that cousin your mom told you to hire — the list goes on and on.
As an Australian business, one of the things you will need to decide on is whether or not to register for the goods and services tax before you reach the income threshold.
Naturally, anything having to do with taxes is likely a big decision. Deciding to register for the GST is no different. It’s a big decision with big implications. So, what is this tax, and how do you register for GST? Let’s find out.