Can an NFP defer GST in line with accounting standards?

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 · Accepted Answer

CaroATO · Answer

We need to look at which account method you're using to account for the GST. Is it on a cash (https://www.ato.gov.au/Business/GST/Accounting-for-GST-in-your-business/Choosing-an-accounting-method/#AccountingforGSTonacashbasis) or non-cash (https://www.ato.gov.au/Business/GST/Accounting-for-GST-in-your-business/Choosing-an-accounting-method/#AccountingforGSTonanoncashbasis) (accruals) basis? You'll report the GST as you normally would. If part of the payment is refunded, you'll need to look at completing a balancing adjustment. Deferred GST is generally for a company for example, that imports goods. Instead of paying GST when the good arrive at the border, it's deferred until a business activity statement, (BAS) is lodged.

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