Updating your GST registration status in TaxTank is quick and easy. Changes take effect immediately from the date you update them.
Follow these steps:
Steps to update your GST status:
Navigate to the Overview Tab in Sole Tank
Once logged into your TaxTank account, go to the Overview Tab in Sole Tank.Click 'Edit'
In the Overview Tab, click the 'Edit' button next to your ABN business details.Select GST Status
If you are registered for GST, select the check box. If you've de-registered from GST, then unselect the check box.
How GST is applied:
If you register for GST, TaxTank will start applying GST to transactions from the date you update your status.
If you de-register from GST, TaxTank will stop applying GST from the date you update your status.
Transactions entered before the update won’t be affected unless you manually choose to apply or remove GST.
Important GST Information:
When you register for GST under your ABN, it applies to all businesses you operate under that same ABN. The ATO allows you to run up to six businesses under one ABN, but keep in mind that GST will apply to all business activities from the point of registration.