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First, you will need to make a decision to account for GST on either a cash or accruals basis.
Using the cash basis of accounting means you will claim GST on purchases in the period you physically pay your suppliers.
Using the accruals basis of accounting means you will claim GST on purchases in the period you receive an invoice from your suppliers.
If you choose to lodge monthly, the due date for lodging your activity statement and paying any amount you owe is 21
days after the end of each month.
If you choose to lodge quarterly, the due date for lodging you activity statement and paying any amount you owe is 28
days after the end of the quarter.
The exception to this rule is the December quarter, which has a due date of 28 February.
You should always take into consideration your cash flow requirements in relation to GST – the timing difference between collecting GST from customers and remitting it to the ATO causes problems for many taxpayers.
The ATO publication “GST for Small Business” provides more detail in relation to your GST obligations and can be obtained from their website.
Speak to your accountant if you are not sure everthing!!!
Or who is your bloody accountant ??? |
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