Reduced GST Compliance For Micro Business

Certain entities can now elect to report and pay GST liability on an annual basis. Currently they can report annually, but are still required to pay quarterly.

Businesses are eligible to make this election if they are registered for GST and have a turnover less than $50,000 per annum. An election is required quickly, which will mean that the December 2004 Business Activity Statement is not required.

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