NOV 4Your GST return and payment are due for the taxable period ending 30 September. (This is an extension of the usual 28 October due date.)
NOV 28Your GST return and payment is due for the taxable period ending 31 October.
JAN 15Your GST return and payment is due for the taxable period ending 30 November.
You will need to work out debit adjustments that are added in with GST on sales and income.
If the exchange is for other goods and services, you must account for 3/23 of the current market value of what you got in return for your supply.
When part of the barter is in money, you must account for both:
- 3/23 of the current market value of what you got
- the money received.
This rule applies regardless of your accounting basis.
Bad debts recovered
If you have had a GST deduction for a bad debt written off, and you later recover all or part of the debt, you must make an adjustment for the amount recovered.
You include 3/23 of the amount recovered in your GST return.
Generally, you can claim only 50% of business entertainment expenses. This means you must make a GST adjustment for the amount that is not able to be claimed.
If an employee contributes towards the expense, this is treated as a separate supply for GST.
Because the GST adjustment is based on the amount that is not deductible for income tax, organisations that are not liable for income tax such as non-profit bodies and charities, do not need to make this adjustment.
You make this adjustment once a year. Show your total business entertainment expenses on your GST return during the year.
When you make this adjustment depends on if you have a tax agent or not.
If you do not have a tax agent
Make the adjustment in the GST return that covers the earlier of the date your income tax return is due, or is filed.
If you have a tax agent with no income tax extension of time
Make the adjustment in the GST return that covers the earlier of the date your income tax return is filed, or 31 March after the income tax return due date.
If you have a tax agent with an income tax extension of time
Make the adjustment in the GST return that covers when your income tax return is filed.
Exported secondhand goods
If you have made a GST claim for secondhand goods you bought and later export these goods, you must account for 3/23 of the full purchase price of the exported secondhand goods.
Insurance payments received
If you get an insurance payment relating to your taxable activity, you must include the GST content as an adjustment in your GST return.