What is Option 2 for GST?
Option 2 allows you to report less information on your quarterly activity statement but still calculate and pay your actual GST amounts (including any luxury car tax or wine equalisation tax obligations you may have) quarterly. You can use either the accounts method or the calculation worksheet method for the calculation and you report only at boxes 1A, 1B and G1. You report the remaining boxes (G2, G3, G10 and G11) annually on an Annual GST information report.If you have any luxury car tax or wine equalisation tax obligations you must also report these amounts each quarter at boxes 1C, 1D, 1E and/or 1F as well. This report is generally due by the date your income tax return is due (or 28 February if you do not need to lodge an income tax return).
Related Questions
- I have been in business for several years and have been using Option 3 (pay a GST instalment amount) to pay my GST since 1 January 2002. What is my GST instalment amount based on?
- If my turnover goes above the $2 million threshold, how will this impact on me if I am using the GST instalment option?
- If I choose to use the GST instalment option can I use another option in the same financial year?
