The GST legislation allows for two alternative tax periods; one of three months and the other of one month. If a non-profit has a GST turnover of $20 million or more it must elect to have a one-month tax period under s27-15. All non-profits with a turnover below $20 million can elect whether to account monthly or three monthly. Non-profits that have substituted accounting periods (those that do not match the financial year) are also able to account on three-month or monthly tax periods.
The GST legislation allows for entities to account for GST on either a cash or non-cash basis. Charitable institutions, trustees of charitable funds or gift deductible entities may choose to account on a cash basis regardless of turnover under Division 157.
The GST legislation states that certain information must be specified on tax invoices in order to make them valid tax invoices. This information can be found in various Tax Office publications including the industry booklets. You should also be aware of the Ruling GSTR 2000/17 on tax invoices.
Sections within Part 2 – Accounting and attributions
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