Skye runs a hairdressing salon as a sole trader. In the 2020 income tax year, she had an annual turnover of $50,000. However, she has currently expanded her market, and expects her turnover for the 2021 income tax year to be $80,000. Is Skye required to register for GST? With reference to legislation, briefly explain why or why not, and, if she is required to register, what she needs to do to register.

Skye runs a hairdressing salon as a sole trader. In the 2020 income tax year, she had an annual turnover of $50,000. However, she has currently expanded her market, and expects her turnover for the 2021 income tax year to be $80,000. Is Skye required to register for GST? With reference to legislation, briefly explain why or why not, and, if she is required to register, what she needs to do to register.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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