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If my turnover goes above the $2 million threshold, how will this impact on me if I am using the GST instalment option?

April 26, 2017GST impact instalment option threshold turnover

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If my turnover goes above the $2 million threshold, how will this impact on me if I am using the GST instalment option?

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If you have chosen the GST instalment option you must continue to use it for the rest of the financial year. This is regardless of whether your turnover exceeds the $2 million threshold part way through the year. You will be ineligible to use the GST instalment option from quarter 1 of the next year.