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| Your GST Accounting basis |
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There are 3
methods that can be used to account for GST, these are: |
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Payments basis
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- You claim GST when you pay for
your purchases; account for GST when your customers pay you.
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Invoice basis
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- You claim GST when you receive
an invoice or pay the bill, whichever comes first. Account for
GST when you issue an invoice or receive a payment, whichever
comes first. If your sales exceed $2 million per annum you
must be registered and file on this basis.
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Hybrid basis
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- You claim GST when you pay for
your purchases. You Account for GST when you issue an invoice
or receive a payment, whichever comes first.
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