Quarterly GST reporting

Businesses with a GST turnover of less than $20 million who have not been asked by the ATO to report their GST on a monthly basis can report and pay their GST quarterly. Businesses who report and pay their GST quarterly have three reporting options:

1. Calculate and report GST quarterly
This option allows businesses to calculate, report and pay their actual GST amounts quarterly. Businesses can use either the accounts method or the calculation worksheet method to work out their GST outlay. Business owners must report amounts at the following labels on their activity statement:

• total sales (G1)

• export sales (G2)

• other GST-free sales (G3)

• capital purchases (G10)

• non-capital purchases (G11)

• GST on sales (1A)

• GST on purchases (1B)

Those who have a WET or LCT liability or entitlement must also report these amounts each quarter (labels 1C, 1D, 1E and 1F).

2. Calculate GST quarterly and report annually
This option allows businesses to report less information on their quarterly BAS, but still calculate and pay their actual GST amounts quarterly. Owners can use either the accounts method or the calculation worksheet method to work out their GST amounts. Business owners must report amounts at the following labels on their quarterly activity statement:

• total sales (G1)

• GST on sales (1A)

• GST on purchases (1B)

Those who have WET or LCT obligations must also report these amounts each quarter (labels 1C, 1D, 1E or 1F).

Business owners must also complete an Annual GST information report to report annual amounts at the following labels:

• export sales (G2)

• other GST-free sales (G3)

• capital purchases (G10)

• non-capital purchases (G11)

3. Pay GST instalments quarterly and report annually
This option is available to all businesses with a turnover of $2 million or less. Those who choose this option will pay a quarterly GST instalment that the ATO determines and will report their actual GST information annually on an Annual GST return. Business owners must report amounts at the following labels on their Annual GST return:

• total sales (G1)

• export sales (G2)

• other GST-free sales (G3)

• capital purchases (G10)

• non-capital purchases (G11)

• GST on sales (1A)

• GST on purchases (1B)

Those who have WET or LCT obligations must also report these amounts on their Annual GST return (labels 1C, 1D, 1E or 1F).