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Criteria for voluntary registration
You can choose to register for GST if your taxable activity has an annual turnover of less than $60,000, this is called voluntary registration.
The table below lists the advantages and disadvantages of being GST-registered.
|Advantages of being GST-registered||Disadvantages of being GST-registered|
|If you purchase goods and services from someone who is GST-registered, you'll be charged GST and you'll be able to claim it back.||You have to account to us for GST on all of your taxable goods and services, including grants and subsidies.|
|You can also claim GST if you purchase secondhand goods from someone who isn't GST-registered, and you use these goods in your taxable activity.||Complying with GST requirements takes time.|
|Completing regular GST returns helps keeping your records up-to-date and accurate.||When you stop your registration you have to pay GST on the open (current) market value of any business assets that you keep for private use.|
Find out more
- Registering non-profit bodies for GST
- Who needs to register?
- What to do after you registered for GST
- Get ready to register