21 Mar 13 On the big end of town paying GST on an annual basis
MEMBER 52 writes:
"The things you read. This is an extract from an ATO Consultative paper on the introduction of Monthly PAYG Instalments for the big end of town. It reads 'Smaller entities with turnovers between $20 million and $100 million that are not part of a Consolidated Group will be exempt from this regime if they pay their GST on a quarterly or annual basis'.
Can someone please tell me how a company with a turnover of $21m per annum can pay its GST on an annual basis? It's kinda urgent, I have James Packer waiting on the line..."