Business Activity Statement (BAS) Services
AdvisorCorp is a registered Taxation Firm.
We are also a member of a professional accounting organisation Institute of Public Accountants. We abide by professional and ethical standards.
GST registration requirements
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.
when your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more (see Working out your GST turnover)
when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
if you're already in business and have reached the GST threshold
if your non-profit organisation has a GST turnover of $150,000 per year or more
when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
if you want to claim fuel tax credits for your business or enterprise.
Registering for GST is optional if your business or enterprise doesn’t fit into these categories. If you choose to register, generally, you must stay registered for at least 12 months.
Accounting for GST in your business
As a GST-registered business, you must issue tax invoices to your customers, collect GST and send it to us with your business activity statement (BAS). There are a few ways you can make this easier to manage:
use business accounting software to produce tax invoices and automatically generate reports of your GST liabilities and credits at BAS time
put the GST you collect in a separate bank account
take advantage of the cash accounting option to better align your GST liabilities with your business cash flow better.
Lodging your BAS or annual GST return
You report and pay GST amounts to us, and claim GST credits, by lodging a business activity statement (BAS) or an annual GST return.
ATO issue your business activity statement about two weeks before the end of your reporting period, which for GST is usually every three months. The date for lodging and paying is shown on your activity statement.
GST Registration for Uber Drivers
As an Uber driver, you must account for GST on all earnings. Unlike other small businesses such as online stores and market stalls, rideshare drivers do not qualify, regardless of their income, for the GST registration threshold of $75,000. As a result, even if you only make $50 total as a driver, you will need to register for GST and declare the income on your tax return. Drivers are also entitled to a range of tax credits and can claim the expenses related to providing their rideshare services.