ATO GST reporting changes

by

Ed.

From worrells.net.au: Effective April 1, 2025, the Australian Taxation Office will require certain non-compliant small businesses to report GST monthly instead of quarterly, due to issues such as late or incorrect Business Activity Statements.

This change aims to enhance cash flow management and provide better insights into financial performance; however, it also increases administrative workload and necessitates timely payment adjustments.

Small businesses can contest their classification as non-compliant and may consider restructuring options if they face ongoing tax non-compliance challenges.

Filed under: GST, Insolvency, SME & Family Business