Search This Blog

Friday 30 October 2015

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.

3 comments:

  1. The Le_Meridian Funding Service went above and beyond their requirements to assist me with my loan which i used expand my pharmacy business,They were friendly, professional, and absolute gems to work with.I will recommend  anyone looking for loan to contact. Email..lfdsloans@lemeridianfds.com  Or lfdsloans@outlook.com.WhatsApp ... + 19893943740.

    ReplyDelete
  2. thanks for sharing this post. To know more about GST please reach us : GST RATE FINDER

    ReplyDelete
  3. Great Post! I really loved reading through this article. Thanks for sharing such a amazing post with us and keep blogging BM&A is trusted by over one hundred corporate clients, risk and management consultancy firms, IGOs and high net worth individuals.

    ReplyDelete