Quarterly GST reporting in Australia is a requirement for businesses that are registered for Goods and Services Tax (GST). GST is a broad-based tax of 10% on most goods, services, and other items consumed in Australia.
Under the GST system, businesses registered for GST must submit a Business Activity Statement (BAS) to the Australian Taxation Office (ATO) every quarter. The BAS outlines the amount of GST collected on sales and the amount of GST paid on business expenses, which allows the ATO to calculate the net amount of GST payable or refundable for the quarter.
The BAS includes other tax obligations such as Pay As You Go (PAYG) withholding and installments, and information on wine equalization tax, luxury car tax, and fuel tax credits.
Businesses can lodge their BAS and make payments online through the ATO’s Business Portal, or through their registered tax agent. The due date for lodging and paying the BAS is generally 28 days after the end of the quarter.
It is important for businesses to accurately report their GST obligations and meet their BAS lodgement and payment deadlines to avoid penalties and interest charges.