Advantages of monthly GST reporting
Moving to monthly reporting could help you manage your businesses' operations and cashflow.
Many businesses that have voluntarily moved to monthly GST reporting have found that:
- it aligns better with other business obligations that occur monthly
- smaller, more manageable payments help them understand their transaction history and how much GST to pay or put aside.
Effect on related BAS reporting obligations
It's important to know that this change will impact related obligations on your BAS, such as wine equalisation tax (WET), luxury car tax (LCT) and fuel tax credits. This will occur automatically as part of changing your GST reporting cycle.
You can choose to align other reporting and payment obligations to monthly, for example pay as you go (PAYG) withholding.
How to change to monthly GST reporting
You can voluntarily change to monthly GST reporting in Online services for business by accessing the Profile menu and selecting Tax registration.
Tax and BAS agents can also make the change in Online services for agents.
If you're a sole trader, you will need to phone us or apply in writing.
If you decide to change to monthly reporting, it will take effect from the start of the next quarter.
For more information, see Changing your reporting and payment cycle.
Lodge and pay on time
Make sure you lodge and pay your BAS in full and on time to avoid a failure to lodge on time penalty and general interest charge.
If you're worried you won't be able to lodge and pay by the due date, before the due date either:
- contact your registered tax professional
- find out about the support options available to you.