Report Your GST Once a Year

Last updated June 2011

Common understanding is that once you are registered for GST you have to report it to the Taxation Office either quarterly or monthly. However, some entities have the option to report annually.

Who can report GST annually?

You can elect to report GST annually if:

• you are not required to register for GST. For this to be the case, your projected annual turnover, must be less than the registration turnover threshold (there is one threshold for non-profit organisations and a different one for all other businesses), and
• you have not elected to pay GST by instalment amounts as advised by the Taxation Office.

(Note: Some businesses are required to register for GST regardless of their annual turnover e.g. taxi drivers and some agents for non residents).

How do I elect to report GST annually?

If you are eligible to report GST annually (or would like to and are not sure whether you can), contact Patison Partners at either our Warragul or Pakenham office and we will make the election on your behalf.

Apart from working out your annual turnover, there are time frames which you need to be aware of as they influence when you election takes effect.

Impact of lodging annually

The biggest benefit is having to lodge less documents with the Taxation Office, but this needs to be balanced with the fact that you have to wait until you lodge your form at the end of the year (important if you are due a refund). There are also deadlines by when the annual return must be lodged.

For further information refer to the ATO website: www.ato.gov.au/content/54095.htm