A company is required to register for GST on a compulsory basis if
- Your taxable turnover for the past 4 quarters is more than $1M and you are not certain that your turnover will not exceed $1M in the next 12 months; or
- You can reasonably expect your taxable turnover to exceed $1M in the next 12 months.
You will need to apply for GST registration within 30 days
from the date that your registration liabilities arise.
A company can still register for GST on a voluntary basis even if the business turnover is below $1M. For such companies, it is wise to perform a cost-benefit analysis on the impact GST registration has on your business and reporting process. You may consider the factors explained in our Resource Guide “Should I Register for GST
” before making a decision as once registered, you will need to be registered for a minimum period of 2 years.