Financing, tax rates, and accounting
Hi,
I am going to launch a new store next week and seeking some help for tax structure for US,CA and Australia
Thanks
Regards
Saima
My Understanding is - For Australia - If you sell more than AU$75K. P.A. in Sales+Shipping (Digital or Otherwise). You need to Register and Change the GST ( Its 10% Flat in Australia) - There are some GST exempt Goods/Services but you are very unlikely to be suppling any of them from overseas. (Once registered enable it in Shopify Taxes with your registration numbers)
If you are Not purchasing in Australia (so no import Credits to be claimed) then -
There is a simplified registration process that can be applied.
The registration process is completed as follows:
Thats my answer as a AUSSIE -
But I am also going thru the same issues with US and CA as well at the moment - CA nexus is CA$30K in a Qtr or in Last 4 Qtrs - Registration by PHONE only for you -
- US is like 48 Countries and a MESS !!! - VERY VERY Generally 200 sales ,or US$100k in a state P.A/12 months(Do check Google for USA "Economic Nexus") - That will get you registering, But that seems to be where the Fun Begins. (BTW - Digital sales is FIRST Sale)
For a "Simple" case (Not a USA store) and No USA Bank. - You may just need your company to get an IRS EIN # (Phone call to a special #). then Register as a foreign-entity in each required State . - Note: Foreign-entity in this case just means out of state. But for the states I have looked at (only a few) they seem to be able to take overseas registrations as well with the for-mentioned EIN # (Oh and you will need a Registered Agent in each and every state you register in ($) ) And each States also like to change money on things like P.A Licences/ Fees / etc etc...
Anyway USA seems to be Nightmare. I am still trying to find a decent CPA for the USA.
There is no single/simple answer for USA as it somewhat depends on what you are doing (EG: lots of options) - AND its VERY VERY time consuming.
Wish us both good luck !!
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