Accounting for GST
|
Accounting basis |
Income |
Expenses |
|
Invoice basis |
Earliest taxable period in which an invoice is issued or any payment is received |
Earliest taxable period in which an invoice is issued or any payment is made |
|
Payments basis |
Taxable period in which payment is received |
Taxable period in which payment is made |
|
Hybrid basis |
Earliest taxable period in which an invoice is issued or any payment is received |
Taxable period in which payment is made |
Disclaimer: The following answer necessarily sets out general principles only. The facts of particular cases always need to be considered carefully, and it may be necessary to obtain advice from a tax expert.
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