Doing an annual or quarterly GST BAS statement under the Simpler BAS Reporting Method has never been easier for family day care educators.
Simply use TopFormz to record your income and expenses as you shop and TopFormz will summarise the split of the data that you have input on a real-time Income and Expense dashboard by quarter.
You can then use the Income and Expense dashboard to report amounts at the following labels on your Simpler BAS Form. Summaries include amounts by tax year and by quarter :
- G1 Total sales
- 1A GST on sales
- 1B GST on purchases
At what stage should I register for GST?
GST registration is optional if your fee income or estimated fee income does not exceed $75,000 per annum. As a family day care educator, the child care services that you provide is however “GST-free”. This means that you do not charge GST on fee income earned from providing care.
A family day care educator can however claim a GST refund on expenses incurred in running your family day care business. Some of those expenses, like fresh food are also GST free, however other expenses like resources (toys, arts and crafts etc.) will have GST charged on them, and as a result you are entitled to claim the GST that you have paid.
Do I need to lodge quarterly or annual GST returns?
You can choose between annual or quarterly GST registration where your fee income is expected to be below $75,000.
At the end of each financial year you must check that you are still eligible to report annually the following year. You will need to lodge quarterly BAS returns when your fee income reaches or is about to reach $75,000 per annum.
When do I need to lodge a quarterly BAS return?
Your BAS Statements are due each quarter.
- Quarter 1 (July, August, September) – due by 28 October
- Quarter 2 (October, November, December) – due by 28 February
- Quarter 3 (January, February, March) – due by 28 April
- Quarter 4 (April, May, June) – due by 28 July
When do I need to lodge an annual BAS return?
The date for lodgment of your annual GST return and payment of any amounts is either:
- the date for lodgment of your income tax return
- 28 February following the annual tax period, if you are not required to lodge an income tax return.
DISCLAIMER: The above should not be construed as financial advice and you should seek the advice of a tax agent when assessing your financial/tax positions.
Use of the real-time GST Summary by Quarter is at your own risk and requires personal judgement on which expenses are tax deductible in conjunction with judgements on time-space and business use.
We suggest engaging a tax agent to assess whether the expenses are tax deductible together with the time-space and business use percentages being used to calculate individual GST transaction values.