As registered Tax Agents, Cole Consulting Group is licensed to prepare your Activity Statements. Our team can assist you with keeping track of your Activity Statement obligations and prepare and lodge them with the Australian Taxation Office.
GST Reporting and payment cycles vary depending on your business.
For businesses who have a turnover of less than $20 million per annum, they are required to reporting their GST on a Quarterly cycle. They are due for lodgement and payment on the 28th of the following month, except the December Activity Statement which is due 28th of February
Organisations dealing with over $20 million per annum are legally required to lodge monthly Business Activity Statements to report their GST obligations. They are due for lodgment and payment on the 21st of the following month, except the December Activity Statement which is due on the 21st of the following month.
If your company makes less than $75,000 per year, you can volunteer to register for GST and then report your yearly BAS. These are generally due at the same time as your tax obligation.
If you withhold over $25,000pa in PAYG, then you are required by the ATO to report this on a monthly Instalment Activity Statement (IAS). This involves completing a Monthly IAS for the first two months of the Quarter and a Quarterly Activity Statement for the third month.
When your business turnover, or projected business turnover, reaches $75,000 per year it’s time to register for GST. There are a few exceptions for non for profits ($150,000) and taxi drivers who must register regardless of turnover. We can take care of the registration process and adjust your Xero software so its ready to report on Activity Statements.