Must an individual reporting under a substituted accounting period remit the Business Activity Statement (BAS) monthly instead of quarterly? Is there a method to vary this?
ATO Position A one month tax period is compulsory for individuals accounting under substituted accounting period (s. 27-15 A New Tax System (Goods and Services Tax Act 1999 (‘the GST Act’)). The only variations which may be made are under s. 27-37 of the GST Act in which a taxpayer may request a special determination of tax periods. However, the taxpayer must still remit for twelve (12) complete tax periods in each year.
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