Changing your GST registration

When you first started using the app, you selected if you're registered for GST. This needs to match whether you're registered for GST with the ATO. You can check your GST registration status in the app via More > Business settings > Tax and financial reporting.

This is also where you’ll need to go to change the GST registration settings.

Registering your business for GST

Check with your accounting advisor or the ATO to see if you need to register for GST. This typically happens when you have increased turnover.

After you register, you'll typically include GST in what you charge. And when you're charged GST for business expenses, you'll be able to claim it as credit.

Changing to GST registered

If your business was not registered for GST but now is, change the app settings to match this, so GST can be included in your transactions. This change won’t affect any transactions you’ve already entered in the app.

Changing your registration status in the app

If you’re not sure what your GST settings should be, check with an accounting advisor or the ATO.

1. Go to More and tap Business settings.

2. Tap Tax and financial reporting.

3. Tap Registered for GST.

4. Read the displayed info and tap Yes, change registration to save your status.

5. If you need to change the Reporting period, tap it and choose Monthly, Quarterly or Yearly.

6. Tap Save.

Review your categories after changing to GST registered

Once you change to a GST-registered business, you should review the tax codes in your categories. This is to make sure the applicable GST is calculated on your income and expenses. Go to More > Categories > All categories then tap a category to review the Tax code. More about categories.

Changes you’ll see after changing to GST registered

You'll also notice the following changes in your Solo app to help you manage your GST obligations.

• You can see tax codes in your invoices and expenses.

• Any applicable GST will be shown on your invoices and expenses.

• Invoices you send your customers will now show Tax invoice instead of Invoice.

• You’ll now have 2 new reports:

  • GST report – this shows the GST collected and paid on your transactions.

  • GST return – this report shows the GST you need to pay or will get back from the ATO. Use this report to complete your BAS. More about reports.

Changing to not registered for GST

If you’ve cancelled your GST registration with the ATO, change the app settings to match this, so GST is no longer included in your transactions. After you make this change in the app, future transactions will not include GST, but this won’t affect any GST in transactions you’ve already entered in the app.

Before changing your GST settings

To make sure the data in your app matches up with your GST registration status, finish these tasks before you change your settings:

• Enter all your income and expenses until the last day you were registered for GST.

• Change all categories to the N-T (not reportable) tax code.

  1. Go to More and tap Categories.

  2. Tap All categories.

  3. Select the category.

  4. Tap the three dots (…) in the top right corner and tap Edit category.

  5. Tap Tax code and choose Not reportable (N-T).

  6. Tap Save.

  7. Repeat this for all categories.

• Download the GST report and GST return reports as you won't be able to see these after you've changed to not registered. If you haven't reported on the current or past periods, make sure to download reports for those date ranges.

  1. Go to More and tap Reports.

  2. Tap GST report or GST return.

  3. Choose the Date range.

  4. Choose the File type (PDF or Excel).
     Note: If you want to preview the report, choose the PDF file type and tap the three dots (…).

  5. Tap Share and choose how to download or share the file, for example via email or message app.

Changing your registration status in the app

If you’re not sure what your GST settings should be, check with an accounting advisor or the ATO.

1. Go to More and tap Business settings.

2. Tap Tax and financial reporting.

3. Tap Not registered for GST.

4. Read the displayed info and tap Yes, change registration to save your status.

Changes you’ll see after changing your settings to not GST registered

Once you change to a non-GST business, your Solo app will be de-cluttered to remove some things you'll no longer need.

• You’ll no longer see GST or tax codes on new invoices and expenses.

• Invoices you send your customers will now show Invoice instead of Tax Invoice.

• You’ll no longer have access to the GST report and GST return report.

Tips for running a non-GST business

Do you have a hobby business or a low-trading business? You might not need to register it for GST if your turnover is less than the GST registration threshold.

We strongly recommend you check with your accountant and the ATO if you're thinking of not registering your business for GST, or changing from a registered to non-registered business, as there are penalties for non-compliance if your business is required to register.

Regardless of how much or how little trade your business does, it's worth considering setting it up in Solo to keep track of its performance and to help you avoid any compliance issues if it starts to grow.

Example

Jennifer has started a business from home, Dolls Inside a Doll, selling quirky handmade matryoshka dolls to friends and online customers. She estimates she might sell about $200 worth of stock a month. Based on the projected turnover of her business, she won't need to register it for GST. But she does want to track her expenses and sales, so she sets the business up in Solo.

The main thing to note about running a non-GST business is that you won't charge your customers GST. Solo makes this easy. If you've indicated that you're not registered for GST in your Business settings, Solo won’t include any GST in your transactions.

You also may not need to lodge a BAS at end of period, but we recommend that you confirm this with your accounting advisor or the ATO.

You may also need to keep track of your current and projected turnover to ensure you're not going over the GST registration threshold.

You can view your turnover by running the Profit and loss report each month (More > Reports > Profit and loss).

Troubleshooting