In Australia, GST is a flat tax of 10% added to most goods and services. If you expect your turnover will be $75,000 or more in the next 12-month period, you’re required to register for and charge GST on your products/services.
💡 Turnover, or sales revenue, is the income you earn within a certain period for selling goods and/or services.
📖 For more information on registering for GST, check out our guide for sole traders.
GST Calculator
We’ve created this handy GST calculator. Just plug in your numbers and you’re good to go!
How do you add GST?
To add GST to a product or service, you divide the original price by 10, then add that number to the original price. Simple!
How do you remove GST?
The equation to subtract GST is slightly more complicated:
- First, take the GST-inclusive price and divide that by 11.
- Then, subtract the result from the GST-inclusive price:
It’s not intuitive, but it works!
Hnry sorts GST for you
Hnry is an award-winning tax and financial administration service for sole traders. For just 1% of your self-employed income, we will calculate and sort your:
- Income tax
- GST (if applicable)
- Medicare Levy
- Student loan repayments (if applicable)
- Superannuation contributions (optional)
We also file your annual tax returns, as part of the service. And on top of all this, our app has an invoicing feature that helps you create, send, and manage invoices. No extra software required.
Whether you’re just starting out, or an industry veteran, Hnry is designed for all sole traders. We make sure that you never know the horror of an unpaid tax bill – ever. And that’s a big deal, believe us.
Start your sole trader journey off on the right foot, and join Hnry today.
