What is BAS and GST?
If you run a sole trader business in Australia, you may need to register for Goods and Services Tax (GST). GST is a flat 10% tax added to the price of most goods and services sold.
When to Register for GST
You are legally required to register for GST if your business has an annual gross turnover (sales revenue) of $75,000 or more.
If you register, you must file a Business Activity Statement (BAS) (usually quarterly) with the ATO to report:
- GST Collected: GST charged on your sales (1/11th of gross revenue).
- GST Credits: GST paid on business expenses that you can claim back.
Action Plan: Track Invoices
- Keep Receipts: Maintain clean records of all business expenses containing GST to claim credit offsets.
- Estimate BAS Payments: Use our BAS & GST Calculator for Sole Traders to estimate quarterly tax liabilities and net business profit.
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