You use an annual GST return to account for any difference between your:
- GST liability, plus any wine equalisation tax (WET) or luxury car tax (LCT) you may have to pay or can claim
- total GST instalments for the financial year (or the part of the financial year for which your instalment election has effect).
If your total instalments are:
- more than your GST liability, plus any WET or LCT for the year (or part year as applicable), you can claim a refund from us
- less than your GST liability, plus any WET or LCT, you must pay the difference to us by the time your annual GST return is due.
You must lodge your annual GST return and make any balancing payment by the date your tax return is due. If you're not required to lodge a tax return, you must lodge your annual GST return and make any balancing payment by 28 February after the end of the financial year covered by the annual GST return.
In your annual GST return you must report:
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
- 1H GST instalment amounts reported in your BAS for the period shown on the annual GST return.
If you are paying or claiming WET or LCT, you also report these amounts for the year at labels 1C, 1D, 1E and 1F. Fuel tax credits are reported each quarter.