As a result of COVID-19 Australian government implementing relief options to support business. This one is related to monthly GST credits:
Turnover more than $20 million
If your GST turnover is more than $20 million you must pay and report monthly.
Turnover less than $20 million
It is worth considering if you should temporarily change your reporting cycle.
If you report quarterly and you are due for a GST refund, moving to monthly reporting means you can get quicker access to GST refunds you are entitled to. However, you need to be aware that:
* you can only change from the start of a quarter, so a change now will take effect from 1 April 2020
* changing your GST reporting cycle doesn’t mean you have to change your PAYG withholding reporting cycle – you can manage this by specifying the roles you are changing
* once you choose to report and pay GST monthly, you must keep reporting monthly for 12 months before you can elect to revert to quarterly reporting
* if you’re registered for fuel tax credits, and change your GST reporting from quarterly to monthly, you will also need to claim your fuel tax credits monthly.
* You can change your GST reporting cycle through your tax or BAS agent, in the business portal, or by phoning ATO on 13 72 26.Australian Taxation Office
For more information about additional help available check ATO website.
Medical supplies are GST free. Read more…
Change your GST reporting cycle. Read more…