Should I Deregister from GST?

QUESTION: I’m a contractor or consultant but I’m now employed. Should I deregister from GST?

ANSWER: The short answer is NO. At least not yet.

Registering and de-registering from GST add time and/or costs, so you don’t want to be jumping in and out of this decision on a whim. Give it some time. A new job as a contractor or consultant and the paid holidays, public holidays and sick days look good and regular. But the trouble with the grass being greener is that someone still has to mow and fertilise the lawns, and most times that gardener is you!  

Being your own boss does give you freedom and control. However it’s important to let the dust settle and decide what your long term views and wants are. As long as you’re technically available to take contract work or unsure of the long-term then its fine to stay registered for GST and keep filing returns.

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