When you register for GST, you need to choose an accounting basis and a filing frequency. This page explains the options and who's eligible so you can decide what's best for you. You'll also find a tool at the bottom of the page to make your decision making a bit easier.
Choosing your GST accounting basis
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. |
Choosing your GST filing frequency
You need to file regular GST returns. How often you file depends on your sales.
You choose your filing frequency when you register for GST.
Filing frequency |
Who is eligible |
Who it's suitable for |
---|---|---|
Monthly |
|
Customers likely to get regular GST refunds. |
Two-monthly |
|
Customers who find regular filing helps them keep on top of paperwork. |
Six-monthly |
|
|
Once you've chosen your filing frequency, make note of when your returns and payments are due.