Home – New Forums Money matters Need Help with GST and COGS Reply To: Need Help with GST and COGS

#1175860
TehCamel
Member
  • Total posts: 873
Up
0
::

if, during the GST quarter, you made a purchase and paid GST on that purchase,
then when submitting your BAS, you report accordingly.

You accrued the GST payment in that quarter, you claim it in that quarter (of course, this would be affected by how you report for BAS, see the link provided above)

It doesn’t matter that you’ve bought a widget and haven’t sold it yet.. you’ve still accrued the GST expense.

and yes, find a new accountant :)