The Australian Taxation Office (ATO) is assessing its internal IT systems in the wake of changes to the GST compliance regime.
An ATO spokeswoman said a full assessment of its IT requirements to accommodate the new rules for Business Activity Statement (BAS) lodgements will be completed in early March.
Announced by the federal government last week,the changes to the GST compliance regime allow businesses with annual turnover of less than $20 million to use a simplified quarterly GST remittance form and the BAS can be lodged annually.
Businesses with turnover of less than $2 million will have their quarterly GST payments based on their payments in previous years and will only have to complete a form once a year.
The ATO spokeswoman said the internal IT changes will "not be as complicated as the process of actually setting up the systems" but will require some modifications.
"It's too early to work out all the practicalities; at this stage we are still assessing what will be required to meet the changes over the next couple of months," she said.
An estimated 600,000 users lodge their BAS electronically and the spokeswoman said the site is being updated to incorporate the changes.
For those using the Electronic Commerce Interface (ECI), the spokeswoman said the biggest change will be the removal of the quarterly calculation sheet and simplification of monthly statements. wRelated links: www.ato.gov.au