I’ve got an update from my accountant.
– Record the cost of good sold of lay-by goods in the year that lay-by agreement
– Pay GST on each payment (cash basis)
– Record full sales price in the year of when final payment is made
Refer to TR 95/7 – https://www.ato.gov.au/law/view/document?locid=%27TXR/TR957/NAT/ATO%27&PiT=20010620000001
– the…[Read more]
While I am waiting for my accountant to give a confirmation, I would like to seek personal experience here.
Our customer pays 6 monthly instalments. We are on cash basis so we report G1 (Total sales) and 1A (GST on sales) when we receive payment.
How do I record the cost of goods sold for BAS cash basis?
Given that the customer has not…[Read more]
I have had a call with ASIC support. Yes, the PO Box is not accepted. The only option is to apply for residential address suppression.
Thank you for your reply.
I have made an online enquiry to ASIC and will also ring them tomorrow. I am wondering if anyone has used PO Box as residential before.
I am a sole trader. I am planning to register a company as our business has grown. However, I don’t want to disclose my residential address on ASIC.
Can I use PO Box for the director’s residential address?
I have read about the application for suppression of residential address but it looked complicated and ASIC may not approve it…[Read more]