Does your organisation turnover more than $20 million annually? If so, there are changes to the New Tax System (Goods and Services Tax) Act 1999 (GST Act) that you need to be aware of.
The GST Act requires all entities with over $20 million GST turnover to report monthly and lodge activity statements electronically.
The ATO will continue to send paper activity statements irrespective of an entity's turnover. However this does not remove the obligation to switch to electronic reporting for entities with over $20 million GST turnover.
How to report electronically?
- If you have an AUSkey, you can log into the business portal at www.ato.gov.au to lodge the business statement, or if you do not have an AUSkey you can register at www.auskey.abr.gov.au.
- Alternatively, if you use standard business reporting, you can automatically create and securely send the ATO selected forms online directly from your financial, accounting, or payroll software.
What if my organisation doesn't turnover $20 million?
The amendments to the GST Act do not require organisations under $20 million turnover to change their reporting method.
What if my organisation doesn't switch to electronic reporting?
Please note that if your organisation turns over $20 million but does not submit its returns electronically, or does not pay its GST liabilities, the organisation may be subject to a penalty of up to $850 per event.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.