- New GST rule effective April 1, 2025
- Requires non-compliant small businesses to switch from quarterly to monthly GST reporting
- Aims to improve compliance and encourage accurate financial reporting
- May increase administrative costs and cash flow challenges
- Businesses affected include those late in paying GST liabilities, consistently delaying lodgments, or inaccurately reporting tax obligations
- ATO will notify affected businesses in writing
- Businesses can request to return to quarterly reporting after 12 months of consistent compliance, subject to ATO approval
- Potential financial impact includes increased administrative costs, cash flow challenges, and risk of penalties
- ATO aims to reduce late payments, errors, and non-lodgments
- Businesses should upgrade accounting systems to manage monthly GST reporting
- Businesses should conduct monthly financial reviews to ensure accurate recording of transactions and GST payments
Source: upexciseportal.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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