A broad-based tax of 10% applied to most goods, services, and other items sold or consumed in Australia. Businesses with an annual turnover of $75,000 or more must register for GST and collect it on taxable sales, remitting it to the ATO through Business Activity Statements. Residential rental income is generally input-taxed and exempt from GST, while most other business income is taxable unless a specific exemption applies.
Understanding the fundamentals of Australian business setup is essential for any entrepreneur or sole trader. Whether you are just starting out or looking to optimise your existing setup, understanding GST (Goods and Services Tax) is an important step.
Key points
- ABN required for all businesses operating in Australia
- ASIC registration mandatory for companies
- Choosing the right business structure impacts liability and tax
- A registered business address must be a real street address
Why it matters for your business
In today's evolving Australian business landscape, staying informed about concepts like GST (Goods and Services Tax) gives you a competitive edge. From sole traders and freelancers to growing companies, these fundamentals apply across all business types and sizes.
How Space Penguin can help
Space Penguin provides flexible workspace solutions, virtual addresses, and business support services across Australia. Whether you need a professional registered address, a coworking desk, or a private office, we have options to suit every stage of your business journey.
Explore our full glossary for more essential Business setup terms and definitions.
Related guides: ABN (Australian Business Number) · Sole trader · ASIC (Australian Securities and Investments Commission)