If your business is GST-registered but has an annual turnover under $75,000, you may be eligible to switch from quarterly BAS reporting to annual.
This change can significantly reduce your compliance load – no more quarterly BAS preparation or associated fees. We can prepare your Annual BAS at the same time as your income tax return, streamlining your reporting process.
However, it’s essential to understand the cash flow implications:
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You’ll still be collecting GST throughout the year.
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Even on $50,000 turnover, that’s $5,000 in GST you will need to remit later.
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Unless you’re disciplined in setting that money aside (ideally in a separate high-interest savings account), the lump-sum payment at year end can be difficult to manage.
📅 Action required:
If you’d like to make this change, you must elect to do so by 28 October 2025.
Contact us if you’d like help determining whether changing to an annual cycle is right for you or should you have any other questions.