Simplified GST accounting methods for food retailers

Terms we use

When we say:

• sales, we mean the GST term supplies
• purchases, we mean the GST term acquisitions
• GST credit, we mean the GST term input tax credit
• payment made or received, we mean the GST term consideration
• SAM, we mean the simplified accounting method for GST purposes.

You should familiarise yourself with these GST terms, as they are broader than the simpler terms.

If you are not sure of the meaning of some other terms used in this guide, see the list of definitions.