As a result of this measure, businesses and non profit bodies with a turnover between the present threshold ($50,000 or $100,000) and the proposed threshold ($75,000 or $150,000) will no longer be required to register for GST. Those that voluntarily register for GST will have the option of remitting GST annually, rather than quarterly or monthly.
Taxpayers choosing not to register for GST will be able to claim, against their business income, the GST inclusive cost of deductible business expenses, rather than the GST exclusive amount. They will not be able to claim fuel tax credits.
This measure is subject to the unanimous agreement of the States and Territories.
For a copy of the Treasurer's press release, No 2007/38, 8 May 2007, go here