21 August 2019
If you have an aggregated turnover of less than $10 million, or use cash accounting for income tax, you can use one of two methods for accounting your GST.
1. Cash accounting
GST is reported on the activity statement for the period in which you either:
It is an easy way of keeping track of your business cash flow and suited to smaller businesses that handle cash transactions for example, hairdressers.
2. Non-cash accounting (accruals)
This method is better suited to businesses that don't get paid straight away and is:
Non-cash accounting (accruals) can be more complicated than cash accounting and you may need assistance from your registered tax or BAS agent.
Find out about:
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