Cornish Accounting can provide your business with a complete GST analysis. Cornish Accounting recommend you come in for a no charge or obligation visit before registering for GST.
GST registration is required if the annual turnover of the business for a 12-month period exceeds or is expected to exceed $60,000.
If your turnover exceeds $500,000 per annum you must file your GST return monthly or bi-monthly.
There are three methods of accounting for GST:
– Invoice Basis
– Payments Basis
– Hybrid Basis
If your turnover exceeds $2,000,000 per annum, you must use the invoice basis.
For small to medium businesses complying with GST may not only be time consuming but making sure you submit your return on time to avoid interest and penalties can be a stressful task at the end of the month. Cornish Accounting can take the stress and pressure out of filling your GST, come in or give us a call/email today.