1. Do you need to register for GST
Yes, if you expect yearly taxable income to be over $1 million.
(It may also be compulsory if the reverse charge or overseas vendor schemes apply to you.)
Optional if yearly taxable income is less than $1million.
(You can’t claim GST on expenses if you don’t register.)
2. Registering for GST
3. Adding GST to your prices
Old price x 1.07 = GST inclusive price
4. Issuing tax invoices
You need to be able to issue tax invoices (include those words), with extra details like:
- the seller’s name, address and GST number
- notes showing that GST has been charged
5. Recording GST
Keep a running tally of the GST you’ve collected on sales.
Do the same for the GST you’ve paid on purchases.
You’ll use these numbers to figure out your GST bill or refund at step 6.
*You will most likely collect more than you pay.
6. Preparing a GST return
Figure out your GST bill (or refund).
$2819.74 – $1342.87 = $1476.87 (Money you owe the IRAS.)
Think of GST as money you’re collecting for IRAS. Treat it as their money and you won’t get caught short.
7. GST due dates
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