The government took the opportunity afforded by the introduction of the GST to ‘rationalise’ reporting and payment requirements.

Business activity statements

Taxpayers registered for GST ( see on page† ) must report quarterly (or monthly if their annual turnover is $20 million or more) by lodging a business activity statement.

PAYG withholding amounts must be reported quarterly if the annual amount is $25,000 or less, monthly if it is more. Other PAYG and fringe benefits tax instalments are due quarterly.

Investment activity statements

Taxpayers not registered for GST lodge a quarterly investment activity statement, which is mainly for reporting the investment income (interest, dividends and rent) of taxpayers not carrying on a business. If annual income is likely to be less than $8000 an investment activity statement is required only annually.

And annual tax returns. . .

Taxpayers who are required to fill out a business or investment activity statement must still lodge an annual tax return. The annual investment activity statement requirement seems redundant for taxpayers earning less than $8000 in investment income, but note that the time limit for lodgement, 21 days after the end of the period it covers, is much less than the four months allowed for lodging tax returns.