Contents
- Monthly GST reporting
- Quarterly GST reporting
- Annual GST reporting
Reporting and paying Goods and Services Tax (GST) is determined by your GST turnover and will fall under one of three cycles:
- Monthly Cycle: If your GST turnover is $20 million or more, you must report and pay GST on a monthly basis.
- Quarterly Cycle: If your GST turnover is less than $20 million, you will report and pay GST quarterly unless specifically instructed to do so monthly by the tax authorities.
- Annual Cycle: Businesses that have voluntarily registered for GST and have a GST turnover below $75,000 (or $150,000 for not-for-profit bodies) have the option to report and pay GST on an annual basis. This annual reporting cycle allows eligible businesses to streamline their GST reporting and payment process, providing greater flexibility for businesses with lower turnover.
You can request to change your reporting and payment cycle if your GST turnover changes or if you prefer a different cycle.
If you decide to change your cycle early in the lodgment period (e.g., at the beginning of a quarter or financial year), the new cycle will generally take effect immediately. Otherwise, the change will be applicable from the start of the next quarter or year. Details concerning GST reporting are specified in the GST Act .
Monthly GST reporting
In some cases, businesses with a GST turnover below $20 million may also be required by the tax authorities to report and pay GST on a monthly basis. Those businesses will be notified about this requirement.
Additionally, certain businesses with a GST turnover under $20 million have the option to choose monthly reporting voluntarily.
If you opt for the monthly reporting cycle, you can use either the Full reporting method or the Simpler BAS reporting method. The Simpler BAS reporting method is applicable if your business has a GST turnover of less than $10 million.
If you are required or choose to lodge your activity statements through Online services for business, the tax authorities will inform you via email when your activity statement is available, provided they have your email address on record.
Alternatively, if you prefer using a paper activity statement, the appropriate form will be sent to you before the lodgment period.
Full reporting method for GST
If your business’s GST turnover is $10 million or more, you are required to use the full reporting method for GST.
Alternatively, you may choose to use the full reporting method in the following situations:
- If your GST turnover is less than $10 million but your aggregated turnover is greater than $10 million for either the previous year or the current year.
- If the main business activity or enterprise of your business involves making input taxed supplies.
With the full reporting method, you are obligated to calculate, report, and pay your GST amounts on a monthly basis. This method involves providing more detailed information on your Business Activity Statement (BAS).
To work out your GST amounts for the activity statement, you have the flexibility to use either the accounts method or the calculation worksheet method.
What to include in your report
If you are reporting and paying GST on a monthly basis and your GST turnover is $10 million or more, you are required to provide specific details on your activity statement each month. These details include:
- G1: Total sales
- G2: Export sales
- G3: Other GST free sales
- G10: Capital purchases
- G11: Non-capital purchases
- 1A: GST on sales
- 1B: GST on purchases
Additionally, if your business has obligations or entitlements related to Wine Equalisation Tax (WET), Luxury Car Tax (LCT), or Fuel Tax Credits (FTC), you must also report the relevant amounts each month using the appropriate labels.
These labels will be indicated on your Business Activity Statement (BAS) if these obligations apply to your business.
To calculate your GST amounts for reporting, you have the option to use either the accounts method or the calculation worksheet method.
Simplified GST reporting method: simpler BAS
For businesses with a GST turnover of less than $10 million, there is an option to use the Simpler BAS reporting method when reporting on a monthly basis.
With the Simpler BAS method, you are required to provide fewer details on your monthly activity statement while still calculating and paying your GST amounts each month.
What to Include in Your Report: If your business’s GST turnover is less than $10 million, you will report the following amounts on your activity statement each month:
- G1: Total sales
- 1A: GST on sales
- 1B: GST on purchases
What you don't need to report
Under the Simpler BAS reporting method, you are not required to report the following amounts on your activity statement:
- G2: Export sales
- G3: Other GST free sales
- G10: Capital purchases
- G11: Non-capital purchases
Moreover, if your business has obligations or entitlements related to Wine Equalisation Tax (WET), Luxury Car Tax (LCT), or Fuel Tax Credits (FTC), you must report these amounts each month using the appropriate labels.
These specific labels will be provided on your Business Activity Statement (BAS) if they are applicable to your business.
Lodgment and payment dates
The due dates for lodgment and payment are clearly printed on your activity statement. Please note that these dates may vary if you have an approved arrangement for an extension of time.
Your activity statement must be lodged and the payment made by the 21st day of the following month. If the 21st falls on a weekend or a public holiday, you have until the next business day to complete the lodgment and payment.
Changing your reporting and payment cycle
Depending on your business circumstances, you have the flexibility to choose between reporting and paying GST on a monthly, quarterly, or annual basis.
If your GST turnover experiences a significant change, either increasing above or falling below $10 million, your reporting method will be affected.
When changing from a monthly to quarterly cycle or vice versa, you must inform us during the first month of the relevant quarter.
By doing so, your new cycle will commence from that specific quarter. Otherwise, if there is no prior notice, the new cycle will be effective from the start of the next quarter.
Quarterly GST reporting
For businesses with a GST turnover under $20 million, and if you haven’t been specifically instructed to report GST on a monthly basis, you have the option to report and pay GST on a quarterly schedule.
As discussed earlier, when you choose to report GST quarterly, you can utilize the following methods:
- Full Reporting Method
- Simpler BAS Reporting Method
Additionally, there is a new method introduced for quarterly GST reporting:
GST instalments method: quarterly payments, annual reporting
- If you operate a business with an aggregated turnover of less than $10 million.
- If you are not engaged in business activities (e.g., a not-for-profit organization) and your GST turnover is $2 million or less.
Under this reporting method, you make quarterly GST instalment payments, which are calculated by the tax authorities (with the possibility to adjust them). However, the reporting of your actual GST information is done on an annual basis through an annual GST return.
The GST Instalments Method offers the convenience of paying GST on a quarterly basis, while your comprehensive GST reporting is consolidated into a single annual return.
Quarterly GST reporting and payment dates
For businesses reporting or paying GST on a quarterly basis, the following table presents a concise summary of the payment and lodgment dates:
| Quarter | Payment and Lodgment Date |
| September quarter | 28th October |
| December quarter | 28th February |
| March quarter | 28th April |
| June quarter | 28th July |
If you have opted to pay through GST instalments, your instalment payments are also due on the aforementioned dates.
Primary producers or special professionals who are required to pay only two GST instalments throughout the year have their instalment due dates set on 28th April and 28th July.
In case the due date falls on a weekend or a public holiday, businesses have until the next business day to complete their reporting and payment.
Regarding the annual GST return, if you pay GST instalments, it will be due on the same date as your income tax return. For businesses not required to lodge an income tax return, the annual GST return is due by 28th February following the financial year covered by the return.
Changing reporting methods for GST
To opt for the GST Instalment Method, certain additional eligibility requirements must be met.
If you wish to switch between the GST Instalments Method and either the Simpler BAS or full reporting method, you need to get in touch with the tax authorities.
If you get in touch with the tax authorities before 28th October to make an election or revocation, the changes will typically come into effect from 1st July of that financial year.
However, if you choose to lodge your September quarter activity statement through a registered agent, the effect of the election or revocation will be based on the concessional due date.
This allows for a smoother transition to the new reporting method, ensuring accurate reporting and compliance with the respective timelines.
However, if you get in touch after 28th October, your election or revocation will typically take effect from 1st July of the following financial year.
In special cases, you can make a written request for your election to take effect from the start of an earlier tax period. Nonetheless, such requests will only be approved under exceptional circumstances.
Annual GST reporting
If you are voluntarily registered for GST and your turnover is under $75,000 (or $150,000 for not-for-profit bodies), you have the option to report and pay GST annually.
If eligible and opted for annual reporting, no GST reporting or payment is required throughout the year. Instead, at the end of the financial year, you must report and pay the GST amount due.
If you are using the deferred GST scheme, you must withdraw from the scheme to be eligible for annual reporting.
For representative members of a GST group, the annual reporting option is available only if all group members meet the eligibility criteria. Once chosen, annual tax periods apply to all group members.
Simpler BAS reporting method for annual GST reporting
If you choose to report and pay GST annually, the Simpler BAS reporting method is applicable, and the full reporting and instalment methods are not available for this option.
With the Simpler BAS reporting method, businesses are obligated to provide less comprehensive information on their Annual GST return. This streamlined approach reduces the reporting burden, as you calculate and pay your GST amount only once a year.
The simplified process makes GST reporting more efficient and less time-consuming for eligible businesses.
How to elect to report GST annually
To elect for annual GST reporting, you need to get in touch with the relevant tax authorities.
If you contact via phone, ensure you have your ABN and either your TFN or activity statement document ID number (located at the top right corner of the first page) ready.
Alternatively, you can submit a written application with your business’s name, ABN, a brief reason for your request, and the desired effective date for the annual reporting election. The application must be signed.
The Simpler BAS reporting method provides a streamlined approach for businesses opting for annual GST reporting, making the process more straightforward and less time-consuming.
Timing of making the annual reporting election
- 21st August: If you currently report GST monthly
- 28th October: If you currently report GST quarterly
There are exceptions to the election period in the following cases:
- If you have been registered for GST for six months or less.
- If you became eligible for annual reporting after 28th October in the relevant financial year.
In both these scenarios, you have until the first day you are required to lodge a GST return after becoming eligible for annual reporting to make the election for reporting annually.
Effective date of your election
The effect of your election to report annually will commence from the beginning of the earliest tax period for which your activity statement is not yet due.
For example:
- If you currently report GST monthly and make the election by 21st August, your election will take effect from 1st July of the year in which you elect (since the activity statement for July is not due until 21st August).
- Similarly, if you currently report GST quarterly and make the election by 28th October (the day your quarterly statement is due), your election will take effect from 1st July of the year in which you elect.
Annual GST reporting eligibility check
Once you have chosen to report GST annually, there is no need to re-elect this option every year. However, it is essential to conduct an eligibility check at the end of each financial year to ensure that you remain eligible for reporting annually in the following year.
Maintaining good business records is important in this regard, as they provide an accurate overview of your business and its turnover.
This information helps you determine whether you still meet the eligibility criteria for annual reporting or if you are required to register for GST, which would make you ineligible for reporting annually.
Regularly reviewing your business records ensures compliance with the appropriate GST reporting method based on your eligibility status.
This article is general information only and does not provide advice to address your personal circumstances. To make an informed decision you should contact an appropriately qualified professional.