From 1 April 2025, the Australian Taxation Office (ATO) is introducing a significant change that may affect your business. Certain small businesses that currently lodge 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. This means more frequent BAS lodgements and tax payments, requiring updated bookkeeping processes.
Who is Affected?
The ATO may transition your business to monthly GST reporting if you have a history of:
• Missing payments
• Lodging your BAS late
• Incorrectly reporting your GST
What Should You Do?
• Check your MyGov inbox or ATO notifications to see if your business is affected.
• Ensure your bookkeeping is up to date and structured for monthly reporting.
• Be prepared for increased administration and cash flow adjustments.
• Speak to your accountant to plan for the transition.
At Henson Lloyd Accountants, we’re here to help make this transition smooth for your business. We take this opportunity to remind you that our bookkeeping team is here to assist you with any support you may need. Click the link below to explore the services available to you.
📩 Contact us to ensure you’re fully prepared!
