Option 2: pay or claim quarterly but lodge a report annually
If Carlo 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 ($120,000), purchases ($95,000) and calculation worksheet are the same as under option 1. Carlo copies the following information from his calculation worksheet to the GST section and summary of his activity statement.
Carlo 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 Carlo only had GST obligations, he would complete the 'Payment or refund?' section as follows.
After filling in his activity statement, Carlo lodges it and pays $3,295 by the due date. He does not lodge his calculation worksheet but keeps it with his records.
Carlo repeats the above steps for each quarter.
At the end of the financial year, Carlo fills in the following labels on his annual GST information report.
Carlo must lodge his annual GST information report by the due date.