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happygirl
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AGMBris, post: 122600 wrote:
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GST – most businesses will run GST on a cash basis. So, the GST is not payable on that sale until the cash is received, thus you would be liable for the GST component in the next financial year or the July-September12 quarter if you report quarterly.

Yip the joys of accounting – I was of the understanding that there where certain criteria that determined your eligibility for running GST on a Cash Basis??

I know most business run their revenue on an Accrual Basis, but did not know you could do the GST on a Cash basis irrelevant of Turnover.

Is my understanding correct- many thanks