41 Urgent and immediate by lindahy


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									4.1 Urgent and immediate

Getting ready now to stay                   You must decide what actions to take to get your business ready for
ahead of your competitors                   operating in the GST environment. You can use this four step
                                            approach to get started:

                                            The first action is to decide who takes responsibility for doing
                                            kickstarting. If you or your staff take on this role then consider
                                            getting assistance from others, eg professional advisers, business
                                            colleagues or associations or friends.

                                            There are pros and cons of each as you can check in this table:

           You or someone in your business                            Someone outside your business
             Pros                      Cons                          Pros                            Cons

 You will be able to:       The job will:                   You will have:                You may not:
 q   learn more about       q   be time consuming          q   time to concentrate        q   learn as much about
     your business                                             on other areas of              your business
                            q   take focus off your
                                                               your business
 q   understand how the         other daily tasks                                         q   get appropriate
     GST impacts on your                                   q   ability to evaluate the        results as their
                            q   not appeal to
     business                                                  effectiveness                  values and areas of
                                                               of the progress as             importance may be
 q   speak ‘business &
                                                               you are not as close           different from yours
     GST’ with others
                                                               to the ‘coal-face’.
                                                                                          q   get the long-term
 q   take charge of the
                                                                                              benefits of learning
     plan as you know the
                                                                                              about how your
     most about your
                                                                                              business works.

                                                                                         4.1 Urgent and immediate • 115
                                       There are many areas where help can be found:
                Information sources
                                       q   ATO website and other publications

                                       q   professionals who provide reliable information and advice

                                       q   industry associations that know your business and how the GST
                                           specifically applies to your business.

                                       The second action to kickstarting is deciding if you will register for

                                 3.2   Registered, or not? Act now
                        Registration   Most businesses must register, some have a choice.

                                       If you have the choice you need to start to make the decision now –
                                       use this checklist to get started.

                                           1   Work out annual turnover
                                               q   if greater than $50,000 (or greater than $100,000 for
                                                   non-profit organisations) you MUST register, go to t3

                                               q   if less than $50,000 (or less than $100,000 for non-
                                                   profit organisations) you NEED to decide whether or
                                                   not to register

                                           2   Assess who your customers are
                                               q   decide to register – go to t

                                               q   decide not to register – you may need to still do t

                                           3   Decide on which accounting basis to use (if you have
                                               a choice)

                                           4   Decide on which tax period to use

                                           5   Register for GST
                                               q   mail
                                               q   internet
                                               q   tax agent/accountant

                                           6   Register for ABN

116 • 4.1 Urgent and immediate
                   React quickly
   Legal impact    You will need to analyse your business inflows and outflows. This
                   can be done by using the Urgent Actions templates
                   which follow.

                   We have included sample templates completed by the owner
                   of a small engineering consultancy and blank ones for you to fill out.

                   You will also need to react quickly to review existing contracts and
                   their implications and you should establish a list of all your legal

                   Focus your actions
                   Focus your actions on:
                   q   selling
Action decisions
                   q   buying

                   q   recording

                   q   survival

                   q   legal.

                   Make it happen
                   Make it happen by working out:
                   q   what to do
Action planning
                   q   who will do it

                   q   how it gets done

                   q   when it needs to get done by.

                                                            4.1 Urgent and immediate • 117

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