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Greg Mawer
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FastLaner, post: 204705 wrote:
Hi,

My accountant is hopeless and impossible to get a hold of so I’m wondering if anyone here can help me with a question I have.

For Example…

If I buy $10,000 worth of stock for my business but only sell $5,000 of it. Do I claim GST credits on the $10,000 purchase or on the $5,000 COGS?

Any help greatly appreciated.

Hi FastLaner,

It sounds like you need a new accountant!

Link below for more information on your question:

https://www.ato.gov.au/business/gst/accounting-for-gst-in-your-business/choosing-an-accounting-method/

Regards,