Home – New Forums Money matters Pre-GST invoices paid after registration

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  • #1235171
    Kylee
    Participant
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    Hi, I’ll be registered for GST as at 1 April. So non-GST invoices I’m sending out now might be paid in the first GST period.

    I’m on a cash basis. So will I need to charge GST on those invoices if they’re paid from 1 April onwards?

    Or will it always be based on issue date (pre-GST date)?

    #1235187
    Paul – FS Concierge
    Keymaster
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    Cash accounting means that money is counted when it hits the bank account, not when the invoice is paid.

    Get accounting advice from an accountant as the laws are technical by nature.

    But I am sure there will be ways to make things go very smoothly by either just recording payments as non-GST or through additional accounting entries.

    Cheers
    Paul

    #1235247
    countongrace
    Participant
    • Total posts: 1
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    Hi Kylee,

    Tax Accountant here 🙂

    No, you will not need to collect GST on those invoices, if paid after 1st April, as long as the Invoice date is prior to GST registration date.

    #1235253
    Kylee
    Participant
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    Thanks!

    #1235173
    Kylee
    Participant
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    Me again – it seems like this might be the answer

    How to deal with tax when invoice and payment dates in different financial years

    Agree?

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