You can still register for GST if your turnover from a taxable activity is less than $60,000.
The advantages of registering for GST include:
- it helps you keep on top of your paperwork and see how your business is doing
- you can claim on your expenses relating to your taxable activity
- it might make it easier to deal with your suppliers.
The disadvantages of registering for GST include:
- you need to add GST to your prices
- you need to file returns regularly
- you are charged penalties if your returns or payments are late.
Last updated: 28 Apr 2021