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Australia only

Do you have a hobby business or a low-trading business?

You might not need to register it for the Goods and Services Tax (GST) if your turnover is less than the GST registration threshold.

We strongly recommend you check with your accountant and the Australian Taxation Office (ATO) if you're thinking of not registering your business for GST, as there are penalties for non-compliance if your business is required to register.

Regardless of how much or how little trade your business does, it's worth considering setting it up in MYOB Essentials to keep track of its performance and to help you avoid any compliance issues if it starts to grow.

Example

Jennifer has started a business from home, Dolls Inside a Doll, selling quirky handmade matryoshka dolls to friends and online customers. She estimates she might sell about $200 worth of stock a month. Based on the projected turnover of her business, she won't need to register it for GST. But she does want to track her expenses and sales, so she sets the business up in MYOB Essentials.

Setting up a non-GST business in Essentials

Setting up a not-registered for GST business is very similar to setting up any other business in MYOB Essentials–see Setting up (you'll need an MYOB Essentials subscription for the business).

Once you've got an Essentials business, you'll need to set your GST settings:

  1. Click your business name and choose GST settings.
    Essentials business GST settings
  2. Click the No option for Are you registered for GST?
    Essentials GST settings not registered for GST
  3. Click Save. For more information, see GST settings.
Running a non-GST business

The main thing to note about running a non-GST business is that you won't charge your customers GST.

Essentials makes this easy. If you've indicated that you're not registered for GST in your GST settings, Essentials prevents you from choosing a tax code when creating invoices.

You also won't need to lodge Business Activity Statements at end of period (but we recommend that you confirm this with your accountant or the ATO).

You may also need to keep track of your current and projected turnover to ensure you're not going over the GST registration threshold–the ATO shows you how to calculate this.

You can view your turnover by running business reports each month in Essentials.

Invite your accountant into your business, so they can monitor it and advise when you need to change its GST status. See Invite your accountant.

 
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