Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
My question is regarding a Business Activity Statement for a quarter where I have received nil income (and therefore have not collected any GST), but I have continued to have ongoing expenses and paid GST (which of course would normally be offset by the GST I would usually collect).
As I have had nil income for the quarter, do I simply submit a 'nil activity BAS'? Or as I have had expenses and paid GST, do I complete a BAS as normal, but with nil in the sales and nil in GST collected, but the amounts in the GST paid?
Or is it possible to submit a 'nil activity BAS' for this quarter and then carry over or hold off including the GST paid amounts from this quarter to the next quarter BAS in which I have GST collected to report?
I use the cash accounting method for my business, reporting quarterly.