• Option 2: to pay or claim quarterly but lodge a report annually

    If Andrew selects option 2, he calculates his GST and pays or claims it quarterly and lodges a GST information report at the end of the financial year.

    His quarterly sales ($219,500), purchases ($203,000) and calculation worksheet are the same as under option 1.

    Pay or claim quarterly but lodge a report annually

    Andrew would also fill in labels for any other obligations he has. These may include PAYG instalments and PAYG withholding obligations. These amounts would also be recorded in the summary, and would result in a payment or refund.

    If Andrew only had GST obligations, he would complete the 'Payment or refund?' section as follows.

    Pay or claim quarterly but lodge a report annually

    After filling in his activity statement, Andrew lodges it and pays $765 by the due date. He does not lodge his calculation worksheet but keeps it with his records.

    Andrew repeats the above steps for each quarter.

    Andrew prepares the following summary of his annual sales and purchases from the records he must keep under the stock purchases method.

    Andrew's purchases and sales record for the whole year

     

    Purchases

     

    Sales

     

    Total

    GST-free

    GST-free %

    Total

    GST-free (Total sales x GST-free %)

    Quarter 1

    $203,000

    $99,470

    49%

    $219,500

    $107,555

    Quarter 2

    $215,000

    $105,350

    49%

    $250,000

    $122,500

    Quarter 3

    $229,000

    $103,050

    45%

    $290,000

    $130,500

    Quarter 4

    $240,000

    $108,000

    45%

    $305,000

    $137,250

    Totals

    $887,000

    $415,870

     

    $1,064,500

    $497,850

    Andrew's GST-free percentage figures are based on his two four-week sample periods:

    • June–July (for quarters 1 and 2)
    • December–January (for quarters 3 and 4).

    At the end of the financial year, Andrew fills in the following labels on his annual GST information report.

    Annual GST information report

    Andrew must lodge his annual GST information report by the due date.

      Last modified: 20 May 2014QC 19057