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If your company is currently not GST Registered,
Businesses whose taxable turnover not exceeded the GST registration threshold of $1million are not required to register for GST.
To assist non-GST registered businesses in identifying when their GST registration, liability is triggered by virtue of their taxable turnover, Realtimme cloud accounting software is capable of triggering reminders to the
businesses once their turnovers have exceeded the GST registration threshold.
: GST Registration reminder for business not registered with GST
The formula to determine the turnover figure for triggering the GST registration reminder is as follows:
Turnover = Total Income (K00 + K09) minus Specific Account (K10) minus Credit Note (C)
Total Income (K00 + K09 ) = Total amount that flows into ALL of the following accounts and any new account(s) created and tagged as the same income type during the calendar year (excluding credit note)
Specific Account (K10) = Accounts marked as K10
Credit Note (K00) = Credit note issued for transactions that fall under (A)
The tables below provide the recommended accounts that should be used to compute the turnover.
Recommended accounts under K00, K09
Recommended accounts under K10
Frequency to trigger the reminder - 1 day following the end of the calendar year, i.e. 1Jan of the following year
2nd reminder - Triggered 31 days after the end of the calendar year, i.e. 31 Jan of the following year.