17 September 2015
If you currently report GST quarterly, then the streamlined reporting option may be for you.
The choice to calculate GST quarterly and report annually might save you time throughout the year because you’ll report less information on each quarterly BAS.
This means you’ll still lodge and pay each quarter, but will only need to report:
Then at the end of the year you fill in the remaining GST labels on the Annual GST information report, which is sent to you in the mail and is due the same day as your business income tax return.
Calculate GST quarterly and report annually
To choose this option, tick the ‘Calculate GST quarterly and report annually’ option on your September BAS, which you’ll receive shortly.
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