02 9683 5999A reminder for all businesses and individuals who are required to pay quarterly GST or PAYG instalments that the September quarter BAS or IAS is the time to elect your calculation method for the 2012 financial year.
For GST there are three options:
1) Report and pay GST on actual business activity for the quarter.
2) Report sales figures only and pay GST based on actual business activity. The details of purchases will be reported in an Annual GST Return. This option is available to businesses with turnover of less than $20 million.
3) Pay a GST instalment amount worked out by the ATO based on prior quarter figures. Report your actual GST through an Annual GST Return. This option is available to businesses with turnover of less than $2 million.
For PAYG Tax Instalments there are two options:
1) Pay the ATO notified amount based on the most recent income tax return lodged.
2) Calculate gross income for the quarter and multiply by the ATO notified rate.
