GST Question!

[TurnipOrange]

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

[Super_BQ]

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.