GST registration and tax return

Question

 · Accepted Answer

_SubiATO · Answer

While businesses can use either cash or accruals to report their assessable income in any year, individuals, including sole traders, should lodge on a cash basis, given the size of their operations. Important thing to remember is to account for all transactions within an income year using the same method. Please refer to accounting methods for business income for more information All the best!

Explore tax & super topicsExplore tax & super topics

About usAbout us