I'm getting ready to launch my new store. After weeks of planning and finding products etc, I've found that I may need to register as a business for tax purposes. Does anybody know if there is a minimum profit you need to have made before doing so? can it be done after launch? I mean should I not make any sales, I don't want to be stuck with a bill and business banking accounts etc.
The more I read, the more confused I'm getting. Maybe I'm just over thinking it.
Thank you in advance for any help that comes thorugh. 🙂
Its based on turnover not profit. If you turnover more than $60,000 then you must be registered for gst in NZ. If less than $60K turnover then it is optional to be gst registered.
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