We are a small business and file GST quarterly. For the Apr-Jun24 quarter we have a GST liability of about $17,000 of which $13,000 is from the sale of an asset. In July 24 we purchased a replacement asset by paying GST of $37,000 but this will be in the Jul-Sep quarter. We are now in a situation where the ATO owes us $37,000 but yet we have to pay $17,000 because of the different GST quarters. Is there a way that we can club the two quarters and file one GST returns from Apr to Sep (6 months) so we defer paying $17,000 now and avoid borrowing cost. Any help will be most appreciated. Thank you.
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262 views
1 replies