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Quarterly GST reporting

Businesses with a GST turnover of less than $20 million who have not been asked by the ATO to report their GST on a monthly basis can report and pay their GST quarterly. Businesses who report and pay their GST quarterly have three reporting options:

1. Calculate and report GST quarterly
This option allows businesses to calculate, report and pay their actual GST amounts quarterly. Businesses can use either the accounts method or the calculation worksheet method to work out their GST outlay. Business owners must report amounts at the following labels on their activity statement:

Those who have a WET or LCT liability or entitlement must also report these amounts each quarter (labels 1C, 1D, 1E and 1F).

2. Calculate GST quarterly and report annually
This option allows businesses to report less information on their quarterly BAS, but still calculate and pay their actual GST amounts quarterly. Owners can use either the accounts method or the calculation worksheet method to work out their GST amounts. Business owners must report amounts at the following labels on their quarterly activity statement:

Those who have WET or LCT obligations must also report these amounts each quarter (labels 1C, 1D, 1E or 1F).

Business owners must also complete an Annual GST information report to report annual amounts at the following labels:

3. Pay GST instalments quarterly and report annually
This option is available to all businesses with a turnover of $2 million or less. Those who choose this option will pay a quarterly GST instalment that the ATO determines and will report their actual GST information annually on an Annual GST return. Business owners must report amounts at the following labels on their Annual GST return:

Those who have WET or LCT obligations must also report these amounts on their Annual GST return (labels 1C, 1D, 1E or 1F).

Posted on 31 March '16 by , under Tax.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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