Question

What are the three options for calculating and reporting GST? Discuss in 50 to 80 words (Please consider it's to do with Australian Taxation Environment) (Please type up your answer)

Answer 1

Answer)

There are three options for calculation and reporting GST :

1)If the turnover is 20million or more then the reporting and payment of GST must be made montly.

2)If the organisation must get registered under GST and its turnover is less than 20 million and it is not required to report montly then they must calculate and report GST quarterly.

3)If the organisation registered under GST voluntarily i.e GST turnover is under $75000 and $150000 for non profit entities , then they must calculated and pay GST annually.