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  • #978803
    Damoz
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    • Total posts: 11
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    Hello, forgive me if this is a stupid question but this is my first small business I am operating.

    I made a purchace of goods from overseas last month. They haven’t arrived yet. I have the invoice from overseas which doesnt charge GST. GST will be applied by customs when the goods arrive this financial year. I have registered as a sole trader and have an ABN and will obviously need to lodge BAS for this Financial year?

    What will I need to do – declare a loss this financial year on the goods purchaced and get credits for both those + the GST for this financial year? It is confusing me because the purcchace of the goods was last F/Y and the GST will be payed this year. Help!

    Thanks :)

    #1109634
    MyGreatIdea
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    Damoz, post: 122010 wrote:
    Hello, forgive me if this is a stupid question

    What we think is a stupid question is very often the question that everyone else wants to ask, but is afraid to !!

    I have registered as a sole trader and have an ABN and will obviously need to lodge BAS for this Financial year?

    Have you registered for GST?

    It is confusing me because the purcchace of the goods was last F/Y and the GST will be payed this year.

    Assuming you ARE registered for GST the date the GST is paid is irrelevant to your cost of goods and profit/loss as it’s never your money anyway. If you confirm that you’re NOT registered for GST then the answer will be different.

    Wendy :)

    #1109635
    Alan Maddick
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    Hi Damoz,

    It can get confusing with Duty but the GST component can only be claimed back once you have received a tax invoice from customs (or paid it if you report GST on a cash basis)

    The income tax expense (the purchase of the goods) will generally be claimed last year (2012). If this triggers a loss for you your loss will rollover into this year to be offset by this years income (generally)

    If this is the first time you have imported it is worth talking with your Accountant or Bookkkeeper and making sure you record everything right as importing is a bit fiddly to record right, once you have done it once you should be fine.

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