Changing GST Taxable Period is Easier Now
Variation of S15D(2) of GST Act 1985 for applications to change GST taxable period.
Summary: S15(3) of GST Act 1985 allows a person to apply to have a 1-month taxable period for GST from 6-month. Under S15D(2), the change in taxable period takes effect at the end of the taxable period in which the person applies. The effective date of the change has now been modified to the start of the taxable period.
Application: The variation allows that change from a 6-month taxable period to a 1-month taxable period for GST to be effective from the start of the taxable period in which a person applies.
Affected Group: The variation is aimed majorly to people who are affected by COVID-19 and wish to file on a 1-monthly basis to provide earlier access to any GST refund. It allows the change of taxable period to take effect much sooner than before.
Application Date: The variation applies from 4 November 2020 to 31 March 2021.
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