I have been in business for several years and have been using Option 3 (pay a GST instalment amount) to pay my GST since 1 January 2002. What is my GST instalment amount based on?
The instalment amount worked out by the Tax Office is a figure based on the net GST amounts you reported for the last income year. As the information is based on the previous income year, the amount is adjusted to reflect expected growth in income. It is possible to vary your GST instalment amount. Your GST instalment amount may change during the year if you vary your instalment or lodge an Annual GST return (PDF, 110KB). For example: Mym Pty Ltd, after choosing to use Option 3 (Pay a GST instalment amount) from 1 January 2002, lodges its Annual GST return (PDF, 110KB) on 15 September 2002. It also lodged quarterly activity statements for July — September 2001 and October — December 2001 showing a net GST amount of $954 and $1,932 respectively. Mym Pty Ltd’s Annual GST return (PDF, 110KB) shows a net GST amount payable of $1,395 after allowing for $3,864 in GST instalments. This means that Mym Pty Ltd had a net GST payable of $5,259 for the period of 1 January 2002 to 30 June 2002.
