Your accounting basis is how you report on your GST. It's what you show in your GST return about the GST you've collected and paid.
You choose your accounting basis when you register for GST.
Accounting basis |
Who's eligible |
What you need to do |
---|---|---|
Payments |
If your total sales are:
|
Show this in your GST return:
|
Invoice |
Anyone |
Show this in your GST return:
|
Hybrid |
Anyone. It's not used often as it's complicated. |
Use the invoice basis for your sales. Use the payments basis for your expenses. |