What is a GST?
For GST Registrations, we have to get in contact with an accounting and taxation service and choose which kind of tax returns (individual/partnership/company) that we would sign up for. You would have to need an ABN to register for GST if you’re an Australia resident. With non-residents, there are special rules that would apply. In order to register for this, the first step is that a business have to make a gross income of $75,000 minus GST. The second step is their non-profit organization has to make a turnover of $150,000 per year. The third step includes providing taxi and/ or limousine in exchange of fares for the business. The fourth and final step is the business must claim fuel tax credit.
What is an ABN?
For ABN Registrations, we have to do our own business name search and registration on the Internet which we would get a response in our inbox in 15 minutes. It can be done online in 10 minutes, lodged, and emailed in 15 minutes. It’s same as GST because they’re connected. You can’t have one without the other.
What is a TFN?
For TFN Registrations, we would get a tax file number which would allow us to pay less tax and earn more spending money. TFN is considered the most important part of your tax and super record just like your identity. This number is with you for life. Without it, you would have to pay more tax.