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  • Adjusting GST due to COVID-19

    Your NFP organisation may have had contracts cancelled or had to cancel sales or refund purchases due to the impact of COVID-19. As a result you may have to adjust GST.

    Common examples of when to adjust GST include:

    • a change in the price of a taxable sale
    • a taxable sale is 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:

    Last modified: 01 May 2020QC 62412