GST Registration Deadlines and Penalties
If you fail to register for a GST account on time, you will face penalties. As a new business owner, you might be tempted to avoid the GST registration process and GST Check as you are already facing a lot of challenges. However, you will need to register for the GST regardless of your circumstances.
You need to register for a GST account within 21 days of your business’s start date. If you fail to do so, you will have to pay a penalty of 10% of the GST you should have collected. You will be charged an additional penalty (interest) on top of the 10% penalty.
You should note that the GST registration deadlines apply to each state individually. For example, if you start a business in Queensland, you will have 21 days to register for a GST account. However, if you start your business in NSW, you will have 28 days to register for a GST account.
Where to Proceed for a GST Late Fees Payment?
You can make the Late Fees amount GST Payment from the Same Account Online.
You need to register for a GST account before you start selling goods or services. You can register online with the Australian Taxation Office (ATO) via their Business Registration Service (BRS) or by downloading a paper form and submitting it to the ATO.
You should register for a GST account as soon as you start trading and before you start selling your products. This will give you enough time to familiarize yourself with the GST rules and start collecting GST from your customers.
As we just discussed, you need to register for a GST account if your business is engaged in the sale of goods or services and it has a turnover of more than $75,000 per year. However, the process of registration itself is a bit complicated, and you will need to understand how the GST system works.
The GST accounting process is based on an accounting period that ends on the last day of a month and has a corresponding reporting period that ends on the last day of the next month.
This means that the reporting period always begins on the last day of one month and ends on the last day of the next month.
If you file your GST return at the end of each month, you will be filing monthly GST returns. If you file your GST return at the end of each quarter, you will be filing quarterly GST returns.
Running a business can be challenging, and managing your finances can be overwhelming at times. That is why it is important to understand how the GST works and when and how much GST you need to collect from your customers and then pay to the government.
The best way to start is by registering for a GST account as soon as you start operating your business. This way, you will have plenty of time to get familiar with the GST rules and meet your tax obligations.