Did you know you can switch your GST reporting to annually?
If you are voluntarily registered for GST (that is if your turnover is under $75,000 or $150,000 for not for profit) then you are eligible for annual GST reporting.
There is a limited time at the beginning of each year in which you can request to report your GST annually.
If you currently report GST monthly, you need to notify the ATO between 1 July and 21 August.
If you currently report quarterly, you need to notify the ATO between 1 July and 28 August.
There are exceptions:
- if you have only been registered for GST for 6 months or less
- became eligible for annual reporting after 28 October
If you fall into the above categories, you have until the first day you are required to lodge a GST return after you became eligible for annual reporting, to request a cycle change with the ATO.
Please contact our office if you would like to discuss changing your GST reporting cycle.