Implications of Registering for GST

Discussion in 'Accounting, Tax & Legal' started by CRT, 15th Oct, 2018.

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  1. CRT

    CRT Member

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    14th Jul, 2017
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    Noob Question!
    I created an ABN couple of years ago to by .com.au domains , but never ended up building those websites. I do intend to build them at later stage, but would have no revenue under that ABN for another year or so.
    1) If I haven't earn anything under ABN, do I still need to do anything at the tax time ? I currently file tax return under by TFN
    2) I am planning to sign up ABN for GST - this is mainly to take advantage of Qantas business rewards (I take 2-4 flights a week, this will save a lot of money as booking via Qantas business rewards has cheaper tickets and more points). Would this have any imopact on 1
     
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  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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    an ABN is just a number, it doesn't really change any tax implications, but you are probably not entitled to one if you are not conducting a business. The ATO may cancel it after a while.

    If registered for GST you would need to charge GST on supplies - if you are not earning anything this won't matter as you are not supplying anything. But you would be required to lodge bas statements.
     
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  3. CRT

    CRT Member

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    Thanks Terry. That's exactly what I was looking for.
     
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