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September 9, 2020 at 1:33 pm #1000364
My business is under the mandatory 70k threshold for reporting GST (my business is pre-revenue) and I’ve got a number of outstanding BAS statements which I will deal with to get up-to-date. I would be eligible for a GST refund on a number of those BAS reporting periods, but I am actually intending to deregister for GST until my business is revenue positive (which may be some way off yet). This is because the BAS statements are just another level of admin that is unnecessary at this point in time. Hence, I am aware that if I deregister for GST I may have to pay back some of those credits anyway. Since I don’t want the hassle of amending my BAS statements when I deregister, I’m just wondering if I can report “0” in the GST refund section and forfeit those refunds, or if it’s mandatory to claim GST credits your business is owed?
Thanks for your time.
GregSeptember 9, 2020 at 10:04 pm #1224075Paul – FS ConciergeKeymaster
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Hi And Welcome to Flying Solo [USER=118962]@aussiedude101[/USER] . It is great to have you!
Thank you for joining our community and posting.
Hopefully some helpful members will be along soon with some advice to point you in the right direction.
PaulSeptember 10, 2020 at 5:05 am #1224076UmarBatchelorMember
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If you haven’t sold anything during the period, you might be able to backdate the deregistration and thus cancel the requirement to lodge those BAS.September 10, 2020 at 5:16 am #1224077UmarBatchelor, post: 270852, member: 65049 wrote:If you haven’t sold anything during the period, you might be able to backdate the deregistration and thus cancel the requirement to lodge those BAS.
Thanks for your informative reply, UmarBatchelor. It is much appreciated I will check out that link!September 11, 2020 at 6:46 am #1224078James MillarParticipant
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Agree with Umar. Based on what you have said it might be best to backdate deregistration and after that, the ATO will cancel the BAS’s for you.Helping build better businesses and better lives with expert financial and taxation advice. email@example.com www.360partners.com.au 03 9005 4900September 11, 2020 at 7:36 am #1224079JamesMillar, post: 270863, member: 5318 wrote:Agree with Umar. Based on what you have said it might be best to backdate deregistration and after that, the ATO will cancel the BAS’s for you.
Hi James, thanks for confirming what Umar said. I very much appreciate the corroboration and will follow this process.
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