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GST Annual cycle

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Enthusiast

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Replies 1

Hi

I just have new client who need me to prepare his 2018-2019 account and GST report (annually). However, I found out that his turnover for 2018-2019 is $200,000 and his company should be reporting the GST quarterly instead of annually. 

Can I still submit the 2018-2019 gst annual using the existing form? or what can I do now? Please help.

 

Thank you. 

1 ACCEPTED SOLUTION

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Best answer

ATO Certified

Community Support

Replies 0

Hi @sherlynneoh

 

Thanks for your post.

 

At the end of each financial year, your client should be checking that they are still eligible to report annually the following year. If they determine that they are not, they should let us know so that we can change it.

 

There are a number of reasons for no longer being eligible to report annually. For more information about checking your eligibility and when your election ceases to have effect, refer to our website.

 

If you change their GST reporting period to monthly or quarterly on or before 28 October, their election will cease to have effect from the previous 1 July. If you revoke their election after 28 October, it will cease to have effect from the following 1 July.

 

Hope this helps.

 

Thanks, ChrisR

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @sherlynneoh

 

Thanks for your post.

 

At the end of each financial year, your client should be checking that they are still eligible to report annually the following year. If they determine that they are not, they should let us know so that we can change it.

 

There are a number of reasons for no longer being eligible to report annually. For more information about checking your eligibility and when your election ceases to have effect, refer to our website.

 

If you change their GST reporting period to monthly or quarterly on or before 28 October, their election will cease to have effect from the previous 1 July. If you revoke their election after 28 October, it will cease to have effect from the following 1 July.

 

Hope this helps.

 

Thanks, ChrisR