Disclaimer - I,m also not a registered accountant, but have 5 ABN's, four Tax file numbers for various business entities, and have been GST registration since it was introduced.
My understanding - If GST registered, you are required to factor in the GST component of the item into your sales price. ie. You add 10% to price of item and collect the GST. or take a haircut for 10% of item price if you cant pass it on. It is worth noting if your profit margin is 50% of total price, a 10% haircut will dramatically reduce your profit margins. You will also incur additional record keeping and accountancy expenses.
You are then required to declare and forward any GST payable after allowing for offsets of GST on your expenses to the ATO on your BAS either quarterly or annually depending on your own registration details. ( assuming you do not have millions of dollars in sales )
There is currently a $75,000 threshold where small businesses do not have to register for GST. Unless the vast majority of your items are purchased by GST registered entities who require tax invoices, there is little benefit and lots of pain from being GST registered for less than $75,000 turnover.
While it is possible to work out how the GST system works at a basic level from ATO fact sheets etc, as others have said, it is highly recommended you to talk to an accountant or registered tax agent.
3BrNBBRz4UYdo+!~~60_7.JPG "chameleon54"){kind=avatar}
