What is Option 3 for GST?
Option 3 allows you to pay a quarterly GST instalment amount, worked out by us (or varied by you) and to report your actual GST information annually after the end of the financial year on the Annual GST return using either the accounts method or the calculation sheet method. This annual return will reconcile the instalments you have paid with the GST you should have paid for the year. This may result in you making a payment, or receiving a refund.
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?
