Behind in paying gst, is it advisable that i keep my turnover under 75k?
Hi everyone ive been selling some stuff on ebay for a few years now, my current situation now i am behind in paying my quarterly gst due to some unforeseen personal financial problems that happened to me, my annual turnover is 100k pa, now im thinking so i can keep up in paying the gst that i was behind from paying, next financial year i will try to keep my annual turnover under 75k so i dont need to do the bas anymore and pay gst.
My question is is selling under 75k worth it so i can avoid paying gst ? What are the pros and cons of selling over 75k and under 75k?
thank you for anyone that can provide helpful inputs in advance.
3 comments
cam-2793
·3 years agoAlso do you really want to reduce you income by 25% to "avoid" 10% GST. If you we under 85k maybe but at your level, better to keep trying to grow.
cam-2793
·3 years agoYou will still need to keep doing (I assume) quarterly BAS. If you can keep your turnover under 75k per year you can contact the ATO and Deregister for GST see: https://www.ato.gov.au/Business/GST/If-your-business-changes-or-ceases/Cancelling-your-GST-registration/
like dave said it may be worthwhile talking to an accountant especially as it may be possible under certain conditions to alter the frequency of BAS lodgement, but again you would need to notify ATO and go through a few eligibility checks with them.
davewil1964
·3 years agoThis has no real bearing on eBay selling.
I strongly advise you talk to an accountant.
From memory, once you are registered for GST, you still have to submit BASs. But I'm not an accountant.