These labels are shown on your BAS if you have these obligations. If you have other tax obligations, such as pay as you go PAYG withholding for employees, you will need to continue to lodge a business activity statement either monthly or quarterly showing these amounts.
You can elect to report GST annually by contacting us. You have a limited period of time at the beginning of each financial year to elect to report annually.
You can elect between 1 July and:. In both cases, you have until the first day you are required to lodge a GST return after you became eligible for annual reporting to make an election to report annually.
Your election will take effect from the start of the earliest tax period for which your activity statement is not yet due. For example, if you report GST monthly and make your election by 21 August, your election will take effect from 1 July of the year in which you elect because your activity statement for July is not due until 21 August.
Similarly, if you report GST quarterly and make your election by 28 October the day your quarterly statement is due , your election will take effect from 1 July of the year in which you elect. You may apply for your election to take effect from an earlier date. Your application must be in writing, signed, contain your business name, ABN, a brief reason for your request and the date from which you would like your election to take effect. The date you choose must be the first day of a tax period that applies to you.
Such applications will only be approved in exceptional circumstances. Once you have elected to report GST annually, you do not need to re-elect each year. The invoices which are neither rejected nor kept on pending shall be treated to be deemed acceptance. Where the GSTIN of the invoice is wrongly filled by the supplier, the invoice would appear on the viewing facility of the taxpayer who is not eligible to take the credit.
In this case, the recipient shall report such invoices as rejected invoices. The invoices which are not uploaded by the supplier and recipient has claimed credit are called missing invoices. The missing invoices shall be reported by the supplier in the main return for any period with interest or penalty as applicable. Purchase invoices received by the recipient in April on which input tax credit has been availed but not uploaded by the supplier shall be reported by the recipient not later than the return of June filed in July.
Information about the missing invoice uploaded by the recipient shall be made available to the supplier. To conclude with, pending clarity on ITC availability in case of missing invoices, small taxpayers will have to bear less compliance cost due to this simplification of the quarterly returns. Stay ahead of due dates with GST calendar. Please contact our office if you would like to discuss changing your GST reporting cycle.
Author Kate Lindquist. The Federal Budget — how it affects you. Kind Regards. Search for:. Latest Post. Passing a Company Resolution.
Tax Returns for the Deceased.
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