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  • Tips on adjusting your GST

    12 May 2020

    If you've had sales or contracts cancelled or needed to refund purchases, you may have to adjust your GST.

    Common examples of when to adjust GST include:

    • the price of a taxable sale changes
    • taxable sales are cancelled.

    If you adjust GST:

    • it must have been reported in a previous activity statement, there's no need to report an adjustment if the event occurs in your current reporting period
    • check paid invoices to see if you paid GST, how much and when.

    Make your adjustment:

    • for the amount paid in each previously lodged activity statement – if you're accounting for GST on a cash basis
    • in the activity statement period you become aware of the adjustment – if you're accounting for GST on an accruals basis.

    Remember, registered tax agents and BAS agents can help you with your tax.

    Next steps:

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