Pay GST instalments quarterly and report annually

Pay GST instalments quarterly and report annually

Editor:  The ATO has advised that practitioners and their clients can opt to pay GST quarterly, and only report annually.

This option is available to all businesses with a turnover of $2 million or less.
If a business elects to take this option, it pays a quarterly GST instalment that the ATO works out (the taxpayer can vary it) and reports its actual GST information annually on an Annual GST return.

Editor:  If you would like to discuss this option, please call our office.

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