Starting 1 April 2025, the Australian Taxation Office (ATO) is implementing a significant change that could impact your business. Certain small businesses currently lodging their Business Activity Statement (BAS) quarterly will be required to transition to monthly GST reporting.
What’s Changing?
If your business is selected, you will need to:
• Report and pay GST monthly instead of quarterly.
• Adjust your bookkeeping processes to accommodate more frequent BAS lodgments and tax payments.
Who Will Be Affected?
If you have a history of:
• Late or missed GST payments.
• Incorrect or inconsistent GST reporting.
• Failure to lodge BAS on time.
How to Prepare
Here are some steps to help your business transition smoothly:
1. Ensure all BAS lodgements and payments are up to date through Online Services for Business. Resolve outstanding issues promptly.
2. Use Xero or MYOB to simplify GST calculations and set reminders for monthly lodgements.
3. Reserve GST funds monthly and adjust pricing strategies as necessary to meet obligations.
4. Consult your accountant to ensure compliance and optimize your reporting processes
If you have any questions or need assistance, our team at Wakefield Business Group is here to help. Contact us today to ensure your business is ready for the ATO’s new requirements.
For more information visit the ATO website .
