Your GST reporting and payment cycle will be one of the following:
- Monthly – if your GST turnover is $20 million or more.
- Quarterly – if your GST turnover is less than $20 million – and we have not told you that you must report monthly.
- Annually – if you are voluntarily registered for GST. That is, you are registered for GST; and your GST turnover is under $75,000 ($150,000 for not-for-profit bodies).
Depending on your circumstances, you can change the cycle you use to report and pay GST. This may happen when your GST turnover changes or if you choose to report and pay using a different cycle.
If you elect to change your cycle early in the lodgment period (for example, in the first month of the quarter or at the beginning of the financial year) you can generally commence the new cycle straight away. Otherwise, the new cycle will take effect from the start of the next quarter or year.
Contact us if you need to change your GST reporting and payment cycle.
Find out about GST reporting methods:Depending on your GST turnover and other eligibility requirements, you report and pay GST monthly, quarterly or annually (your GST reporting cycle). If you report and pay GST quarterly and your GST turnover is less than $10 million, you may be able to elect to pay by the GST instalments method.