Quarterly GST reporting | Australian Taxation Office. If your GST turnover is less than $2. GST monthly, you can report and pay GST quarterly. If you report and pay quarterly, you have three reporting options: 1. Calculate and report GST quarterly. Calculate GST quarterly and report annually. Pay GST instalment quarterly and report annually. If your business has a GST turnover of $2. Calculate and report GST quarterly. This option allows you to calculate, report and pay your actual GST amounts quarterly. You can use either the accounts method or the calculation worksheet method to work out your GST amounts. See also: What you need to report. You must report amounts at the following labels on your activity statement: total sales (G1)export sales (G2)other GST- free sales (G3)capital purchases (G1. G1. 1)GST on sales (1. A)GST on purchases (1. B). If you have a WET or LCT liability or entitlement, you must also report these amounts each quarter (labels 1. C, 1. D, 1. E and 1. F). These labels are shown on your business activity statement (BAS) if you have these obligations. Calculate GST quarterly and report annually. This option allows you to report less information on your quarterly BAS, but still calculate and pay your actual GST amounts quarterly. You can use either the accounts method or the calculation worksheet method to work out your GST amounts. What you need to report. You must report amounts at the following labels on your quarterly activity statement: total sales (G1)GST on sales (1. A)GST on purchases (1. B). If you have WET or LCT obligations, you must also report these amounts each quarter (labels 1. C, 1. D, 1. E or 1. F). You 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 (G1. G1. 1). You must lodge your Annual GST information report, which will be mailed to you, by the date your income tax return is due. If you are not required to lodge an income tax return, you must lodge the report by 2. February following the financial year that the report or return covers. You must lodge your Annual GST information report using the paper based form, even if you choose to lodge your quarterly activity statements electronically. When to use this return. Use this service once you have received your quarterly fringe benefit return in the mail and are ready to file it online. This service is only available for quarterly returns ending on or after 31. Information on how to file GST/HST return. What happens if you have an amount due or a GST/HST refund? What happens if you have an amount due? If your net tax (line 109 of your GST/HST return) for a reporting period is a. Pay GST instalments quarterly and report annually. This option is available to all businesses with a turnover of $2 million or less. If you elect this option you pay a quarterly GST instalment that we work out (you can vary it) and report your actual GST information annually on an Annual GST return. What you need to report. You must report amounts at the following labels on your Annual GST return: total sales (G1)export sales (G2)other GST- free sales (G3)capital purchases (G1. G1. 1)GST on sales (1. A)GST on purchases (1. B). If you have WET or LCT obligations, you must also report these amounts on your Annual GST return (labels 1. C, 1. D, 1. E or 1. F). These labels are shown on your annual return if you have these obligations. You use your annual GST return to account for any difference between your actual GST liability and the total of your GST instalments for the year. You show the total amount of GST instalments that were payable for the year at label 1. H of your Annual GST return. If the total instalments are more than your actual GST liability for the year, you claim a refund from us. A s a small business owner, the collection of HST may be seen as a nuisance and for some it may feel as if you are acting as a tax collector. Like it or not, we all have to comply, file and remit the HST we have collected. What is the time limit to claim your ITCs? Registrants generally claim their input tax credits (ITCs) when they file their GST/HST return for the reporting period in which they made their purchases. However, you may have ITCs. 29 thoughts on “ Why is my previous QuickBooks GST/HST ‘File Sales Tax’ journal entry incorrect? ”. Business Development Centre: GST/HST registration, GST/HST number, GST/HST returns, Apply for GST/HST Number, Register for G.S.T, gst/hst tax, G.S.T. If your total instalments are less than your actual GST liability, you must pay the difference to us by the time your Annual GST return is due. Under option 3, any refund you may be entitled to is paid after you lodge your Annual GST return for the year, not after each quarter of that financial year. See also: Lodgment and payment dates. The following table provides a summary of the payment and lodgment dates for businesses that report or pay GST quarterly. Quarter. Payment and lodgment date. September quarter. October. December quarter. February. March quarter. April. June quarter. July. If you have chosen to pay by instalments, your instalments are also due on the dates shown above. If you are a primary producer or a special professional who pays only two GST instalments for the year, your instalments are due on 2. April and 2. 8 July. If the due date falls on a weekend or a public holiday, you have until the next business day to report and pay. If you choose options 2 or 3, your Annual GST information report or Annual GST return will be due on the same date your income tax return is due. If you are not required to lodge an income tax return, your GST report or return will be due by 2. February following the financial year the report or return covers. How to switch quarterly reporting options. If you report using either option 1 or 2 and would like to switch: between these two reporting options, you can notify us by selecting the appropriate option on the activity statement you lodge. October of that financial year (or by the concessional lodgment due date for your September quarter activity statement if you lodge it through a registered agent) . If you don’t notify us by this date, you must stay with your current reporting option for the rest of that financial year. If you want to switch from or to option 3, there are two ways of notifying us – depending on what reporting document you receive from us for the 1 July to 3. September reporting period. If you receive: an activity statement, you can advise us by selecting the appropriate reporting option on that quarter's activity statementa quarterly GST instalment notice instead of an activity statement, you will need to contact us. Your election will take effect from 1 July (that is, the start of the quarter covered by the activity statement) if we receive your notification by 2. October of that financial year (or by the concessional due date, if you lodge your September quarter activity statement through a registered agent). You may request in writing that your election take effect from the start of an earlier tax period, however, we will only approve your request under exceptional circumstances. If your GST turnover is less than $2. GST monthly, you can report and pay GST quarterly using one of three options.
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