GST registration – Time Limit
From time to time, we came across clients who want us to backdate the GST to prior years for claiming GST credits or at the time they have hit the threshold benchmark of $75,000 of sales turnover.
The ATO has introduced a time limit for backdating the GST registration. If you are a small business who is unregistered for GST and wants us to backdate GST registration prior to 4 years, the answer would be no as per ATO.
GST registration can be only backdated to a maximum of 4 years unless there is no fraud or evasion has occurred.
Our recommendation will be monitoring your business turnover. You need to be registered for GST once you have across the sales turnover of $75,000. From the time forward, you can claim your GST credits on purchases and liable to pay GST on sales.
If you require more information, feel free to contact us on 03 9310 7871 or visit our website http://reliablebookkeepingservices.com.au