GST Registration
- Required: When turnover exceeds $75,000/year
- Optional: Below $75,000 but may benefit from claiming GST credits
- BAS lodgment: Quarterly or monthly
What You Charge GST On
- Labour
- Materials (if supplying)
- Call-out fees
- Most services
GST Credits You Can Claim
- Materials and supplies
- Tools and equipment
- Vehicle expenses
- Phone and internet
- Insurance
- Professional services
Income Tax
- Pay tax on profits (income minus expenses)
- Quarterly PAYG instalments may apply
- Keep records of all income and expenses
- Tax return due by 31 October (or later with tax agent)
Superannuation
- Not required for sole traders (but recommended)
- Required for employees: 11.5% (2024)
- Due quarterly
- Tax deductible contribution
Record Keeping
Keep for 5 years:
- All invoices issued
- All receipts and expenses
- Bank statements
- Vehicle logbook
- Asset purchases