Pay GST instalments quarterly and report annually
The ATO has advised that practitioners and their clients can opt to pay GST quarterly, and only report annually.
This option is available to all businesses with a turnover of $2 million or less.
If a business elects to take this option, it pays a quarterly GST instalment that the ATO works out (the taxpayer can vary it) and reports its actual GST information annually on an Annual GST return.
If you would like to discuss this option, please call our office.