Australia Tax Agency Clarifies GST Reporting, Accounting Obligations for Businesses

The Australian Taxation Office April 7 clarified the GST reporting and accounting obligations for businesses. The clarification includes that: 1) businesses with turnover of A$10 million (US$7.1 million) or more must use full business activity statement (BAS) reporting and account for GST on a non-cash accrual basis; 2) businesses with turnover of A$20 million (US$14.1 million) or more must report GST monthly instead of quarterly; 3) the Tax Agency will transition businesses using incorrect GST reporting and accounting methods to the correct methods beginning July 1, and notify them or their tax professionals of the change, if the business has ...