How frequently will GST returns be required?
ATO Position GST returns are provided by means of the Business Activity Statement (‘BAS’) form. A BAS is required to be lodged on or before the 21st day of the month following the end of that tax period (s. 31-10 A New Tax System (Good and Services Tax) Act 1999 (‘the GST Act’)). However, if the tax period ends during the first 7 days of a month, the BAS must be lodged on or before the 21st day of that month (s. 31-30 of the GST Act). The Commissioner may extend the time allowed for lodging the BAS forms. Tax periods will generally be 3 months in duration ending on the 31st March, 30th June, 30th September or 31st December for the relevant year (s. 27-5 of the GST Act). However, if an entity’s annual turnover exceeds $20 million (unless altered by the regulations), or is accounting under a substituted tax period, BAS forms must be lodged monthly (s. 27-15 of the GST Act). In addition, a taxpayer may choose to lodge BAS forms according to a monthly tax period (s. 27-10 of the GST Act).
