ATO wants businesses to review their GST turnover

The ATO has noticed some businesses have not updated their GST reporting and accounting methods after exceeding the relevant thresholds.

If a taxpayer's business has a GST turnover of $10 million or more, they need to use full BAS reporting instead of 'simpler BAS', and account for GST on a non-cash (accruals) basis.

If their business has a GST turnover of $20 million or more, they need to report GST monthly on their BAS instead of quarterly.

The ATO is moving some businesses to the correct GST reporting and accounting methods from 1 July 2026, although taxpayers can voluntarily make the switch now in 'Online services for business' on the ATO's website.

If you have any questions in relation to the matters discussed in this blog, please get in touch with us.