- Prior to July 1 2025 businesses need Comptroller of GST approval to use the Gross Margin Scheme but this requirement is removed from July 1 2025
- Businesses should use the Self Review of Eligibility to Use the Gross Margin Scheme checklist to assess their eligibility and understand scheme requirements
- Eligible businesses must satisfy all conditions before using GMS
- Improper use of GMS will result in penalties under GST legislation
Source: ey.com
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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