Do you have a hobby business or a low-trading business? You might not need to register it for GST if your turnover is less than the GST registration threshold (find out what this is for Australia or New Zealand).
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We strongly recommend you check with your accountant and the ATO (Australia) or IR (New Zealand) if you're thinking of not registering your business for GST, or changing from a registered to non-registered business, 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 to keep track of its performance and to help you avoid any compliance issues if it starts to grow.
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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.
The main thing to note about running a non-GST business is that you won't charge your customers GST.
MYOB makes this easy. If you've indicated that you're not registered for GST in your GST settings, MYOB prevents you from choosing a tax code when entering transactions.
You also may not need to lodge an activity statement or GST return at end of period (but we recommend that you confirm this with your accounting advisor or the ATO/IR).
You may also need to keep track of your current and projected turnover to ensure you're not going over the GST registration threshold (find out what this is for Australia or New Zealand).
You can view your turnover by running business reports each month in MYOB.