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Fast facts video business asset protection should you have an ABN? this is a very very basic question? should your business have an ABN? but if you’re buying or selling at all once you get to $75,000 turnover you’ve absolutely got to have it if you’re buying goods – there’s a very good chance and actually if you’re buying services as well there’s very good chance that you’ll be buying goods or services and include a GST component so you will want to be registered for GST so that you can claim the input cost of those items For example: if you buy this pen for $100 and you can and you sell it for $200 you claim $10 or actually $9.10 this pen costs $91.90 without GST and $100 with GST you then go and sell it for $200 you sell it for $181.80 plus 10% GST so you’re collecting GST and your paying GST by being registered for GST you get the inputs now the bad news is that you also have to pay the GST but that’s why you want to have an ABN – so that you can claim all the inputs another very very good reason is as your business grows you’ll want to borrow and without an ABN, without a record of all your dealings with the tax office without more taxes paid there’s very good chance that you won’t be able to get funds to accelerate and grow your business without an ABN, without a trading history, without bank statements and all the rest but certainly not without an ABN so we highly recommend it we can give you links here on this page you can subscribe to our videos by clicking the subscribe button down in the bottom right hand corner of the YouTube screen and we hope to see you soon on another video thank you
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If your business is not registered for GST it is either very small (business’ with a turnover of less than $75,000 are not yet required to become registered for GST) or is not meeting its obligations to the ATO.
If you would like to take our free Business Health Check we can assess whether your business IS meeting its basic GST obligations.
Once you have an ABN, it is still possible to cancel its registration, back date the date of its registration or change the registration.
Other GST registration options include GST branch registration for discrete parts of your business – if it is viewed as desirable to report GST via business units?
Our Business Health Check may assist you (and us) to critically consider the optimal GST reporting structure for your business with a free review of your business structure.
Below are our video tutorials on why your business should have an ABN and the importance to completing your BAS returns.