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Thread: GST Question!

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  1. #1
    Join Date
    May 2014
    Location
    New Zealand
    Posts
    2

    Default GST Question!

    I am GST registered and usually pay around $400 -$800 every 2 Months, Our Income me and my partner is about 80K split into $40k each. Would there be any disadvantage for us to not be GST registered. Thanks for any advise...........Bob

  2. #2
    Join Date
    Jan 2007
    Location
    Chch, NZ
    Posts
    2,223

    Default

    Quote Originally Posted by TurnipOrange View Post
    I am GST registered and usually pay around $400 -$800 every 2 Months, Our Income me and my partner is about 80K split into $40k each. Would there be any disadvantage for us to not be GST registered. Thanks for any advise...........Bob
    Being GST registered has it's benefits. It allows you to claim fully 100% the GST you've spent on your business. As of tax law, if your sales volume exceeds $60K a year then you MUST be GST registered. It has nothing to do with how many partners in the business. The splitting of the income comes AFTER.

    If you're not aware, non-registered means you can't CHARGE GST on your sales.

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