If you’re an Australian resident who earns an income in Australia of more than $75,000 a year, you must register for goods and services tax (GST).
Most athletes register for GST as part of the business registration process. Archer Sports Advisory can guide you through the process, helping you to apply for an ABN and register for GST, and supporting you to stay on top of your GST reporting obligations throughout the tax year.
How do I register for GST?
Australian athletes earning non-employment (salary and wage) income are required to have an Australian Business Number (ABN), but they don’t necessarily need to pay GST.
It’s only if you run a business or other enterprise with an Australian GST turnover of $75,000 or more that you’re obliged to register for GST. This requirement may apply to the athlete themselves, and any related companies or trusts established to legally minimise their tax exposure.
ABNs and GST registration can be especially relevant for athletes who are earning income away from the sporting arena for activities such as public speaking and personal product endorsement.
Registering for GST is relatively straightforward. You can register for goods and services tax (GST) online, by phone, or through a registered tax agent like Archer Sports Advisory.
Do I pay GST on overseas income?
No, GST is not payable on income earned overseas, and athletes can’t obtain GST credit on overseas expenditure.
How do I report and pay GST?
Once you’re GST registered, you must lodge a business activity statement (BAS) and pay GST to the ATO on a regular basis – generally quarterly. Archer Sports Advisory can take care of the management and reporting of your BAS, leaving you to focus on the field.
What if I earn less than $75,000 each year?
If you earn less than $75,000, you don’t have to register for GST. But if you’re starting a new business and expect your turnover to reach the GST threshold in the first year of operation, it makes good sense to proactively register when you’re setting up your business.
At Archer Sports Advisory, we support high-net-worth athletes and their families with personalised solutions that ensure their sporting success translates to a strong financial future. We work with basketball, football, netball and cricket stars to guide them through the nuances of being a pro athlete and support them to create lifelong wealth.
Whilst every effort has been made to provide valuable, useful information in this guide, Archer Sports and any related associated entities accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances. This is intended as general information only.