GST- CHANGING FILING FREQUENCY
GST Returns can be filed on a one, two or six monthly basis. Taxable periods end on the last day of the month.
The one-month taxable period is available to everyone. This would benefit you if you receive GST refunds regularly e.g. for businesses in the initial stages, when you are incurring more expenditure than income, or if your business does a lot of exporting. This allows you to claim your GST refunds on a monthly basis rather than having to wait for two or six months.
The two-month period is automatically given to people at the time of registering for GST if you have not requested any other taxable period. However, if your taxable supplies exceed or are expected to exceed $24 million in any 12 months, you must use the monthly basis.
The six-month taxable period is available if the total value of your taxable supplies:
has not exceeded $250,000 in the last 12 months, or
is unlikely to exceed $250,000 in the next 12 months
You must apply in writing to change your taxable period. If you meet the requirements, IRD will change your taxable period and send you written confirmation, advising you of the date you new taxable period will apply from.
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