Small business entity concessions
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There are three goods and services tax (GST) concessions that you may be eligible for:
Accounting for goods and services tax (GST) on a cash basis
You can account for the GST you must pay on sales you make in the same tax period you receive payment for them. Accordingly, you would claim GST credits for the GST you pay in the price of your business purchases in the same tax period that you pay for them.
Paying GST by instalments
You can pay GST by instalments worked out for you by the ATO. You can vary this amount each quarter if you choose.
Annual apportionment of GST input tax credits
If you purchase items that you use partly for private purposes, you can choose to claim full GST credits for these items on your activity statements and then make a single adjustment to account for the private use percentage after the end of your income year.
For more information including a detailed definition of these concessions, see Concessions for small business entities (NAT 71874).
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