My GST group membership has changed, can we still use the GST instalment option?
No, you can only use the GST instalment option again when your new group becomes eligible. One of the eligibility requirements is that at least four months worth of GST information has been lodged by the new GST group. The representative member of your old group has twenty-one (21) days to notify us of the change to the group. The Annual GST return will be sent to the representative member. The old GST group will need to lodge this return, which is due on the 21st day of the month after the end of the instalment period. Your instalment period ends the day that the change in the group membership occurs.
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?
