08 March 2017
Many small food retailers buy and sell products that are both taxable and GST-free. Depending on the point-of-sale equipment they use, identifying and recording these sales can be difficult.
To easily work out the amount of GST you need to pay at the end of each tax period, we have designed a series of simplified accounting methods (SAMs), including one to calculate GST credits for trading stock purchases. Known as the purchases snapshot method, you can use this method if you meet the following conditions:
There are five SAMs to choose from. Check which method best suits your business and make accounting for GST an easier task.
Find out more:
Related news items
Manage your cash and balance your accounts.
Find out what to do if you've employed a 417 or 462 visa holder.
Hiring new staff? Don’t order a form – download one!