I have operated a market stall on a weekend to the end of 2025. I now only attend spasmodicly.
Have previously paid Gst on a 3 monthly basis. I estimate my income to be around $6000 per year.
I have operated a market stall on a weekend to the end of 2025. I now only attend spasmodicly.
Have previously paid Gst on a 3 monthly basis. I estimate my income to be around $6000 per year.
Hi @boonoo,
Yes, you can change your GST reporting from quarterly to annual reporting. With an estimated income of around $6,000 per year, you're eligible to report and pay GST annually, as your turnover is well below the $75,000 threshold required for GST registration.
To report and pay GST annually, you need to be registered for GST voluntarily (which you are, since your turnover is below the threshold). You must assess your eligibility as at 31 July each year. Your projected GST turnover needs to stay below $75,000 to continue annual reporting.
If you're eligible and want to switch to annual reporting, you'll need to contact us to change your reporting cycle. We'll update your records and send you the correct activity statements to lodge. The change will generally take effect from 1 July of the financial year.
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