I paid for a Quickbooks subscription on 27.6.21 and have an invoice for the expense dated 27.6.21, however the payment on my bank statement shows the money coming out of my account on the 3.7.21.
I am set up for cash reporting with GST and EOFY tax.
My questions are as follows:
Do I include this expense in my final quarter 2021 GST submission?Do I inlude as an expense in my 20-21 tax return or my 21-22 return?
Hi @KatieJH
If you have a tax invoice you are eligible to claim a GST credit for a purchase at that point. When using the cash basis you would report income when it comes into your bank account. However any deduction will relate to the date of purchase.
Hi @KatieJH
If you have a tax invoice you are eligible to claim a GST credit for a purchase at that point. When using the cash basis you would report income when it comes into your bank account. However any deduction will relate to the date of purchase.
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