Streamlined GST reporting option for quarterly lodgers

1. Taxpayers who pay GST quarterly are now given three options:
   • Option 1: Calculate and report GST quarterly;
     
   • Option 2: Calculate GST quarterly and report annually; or
     
   • Option 3: Pay GST instalment quarterly and report annually.
     
2. Option 2 was introduced to streamline the GST reporting obligations for taxpayers.
3. Taxpayers electing option 2 are required to report the following amounts on their quarterly Business Activity Statements (BAS):
   • Total sales at label G1;
     
   • GST on sales at label 1A;
     
   • GST on purchases at label 1B; and
     
   • Wine Equalisation Tax and Luxury Car Tax at labels 1C, 1D, 1E or 1F if applicable.
     
4. Taxpayers are then required to lodge an ‘Annual GST information report’, which will be mailed to them, to report the annual amounts for the following items:
   • Export sales at label G2;
     
   • Other GST-free sales at label G3;
     
   • Capital purchases at label G10; and
     
   • Non-capital purchases G11.
     
5. Taxpayers need to lodge the annual report by the due date of their tax returns or 28 February of the following financial year if they are not required to lodge an income tax return.
6. For more information, click here.