Talking Cents
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Ask your business accountant how the GST tax system can work for you
As the GST tax system has been in place for over ten years now it's to be hoped that all small business owners have a firm grasp on how the system works. What many may not be aware of are two aspects of the system that you can actually tailor to your own business needs. How often you report GST and choosing between cash and accrual accounting methods. The option of which accounting method to use should only be decided with your small business accountant as they will have the knowledge and best interests of your business as the basis for their decision. Broadly speaking, using the cash basis is the preferred method for most small businesses as you only need to report and pay GST on income that you have actually received, not on debtors that may not ever be collected. |