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Re: How to present and record GST on Online sales like Amazon

Initiate

Views 1318

Replies 3

Amazon Au and  Ebay withholds GST from our sales and pays it on our behalf to the ATO.

Since they remit the GST on our behalf, how should this be presented to our BAS?

 

In our books, is it correct to say that we still need to record the normal GST on sales(10%) 

Dr A/R

Cr Sales

Cr Gst on sales (10%)

 

is there any recording that we need on reflect on our books if GST is remitted by this online seller on our behalf?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Initiate

Replies 1

Thank you. Hope my understanding is correct.

 

The sales that we made for Amazon is to be recorded in a normal manner by taking the GST out of the sales. And when we file our BAS to ATO, All sales including amazon sales must be included to the total sales. We pay whatever is calculated as GST payable/refund. And for whatever GST that has been remitted on our behalf can be used as tax credit for any payable we have or otherwise refunded to us.

 

Is the GSTR-1 a form from ATO? I am searching for it but I can't find it. Appreciate if you could please assist me. 

3 REPLIES 3

Champion

Replies 2

As an Amazon seller, you need to file the GSTR-1 form each month. This is where you report invoices, sales, and the GST you charged buyers. When you have sales returns, you can simply add them to this form. That way, you can receive a credit for the tax you paid.

Most helpful response

Initiate

Replies 1

Thank you. Hope my understanding is correct.

 

The sales that we made for Amazon is to be recorded in a normal manner by taking the GST out of the sales. And when we file our BAS to ATO, All sales including amazon sales must be included to the total sales. We pay whatever is calculated as GST payable/refund. And for whatever GST that has been remitted on our behalf can be used as tax credit for any payable we have or otherwise refunded to us.

 

Is the GSTR-1 a form from ATO? I am searching for it but I can't find it. Appreciate if you could please assist me. 

Former Community Support

Replies 0

Hi @ana0918 

 

Thank you for contacting ATO Community.

 

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organisations), or you provide taxi travel (including ride-sourcing) – you need to:

If you are registered for GST - or required to be – the goods and services you sell in Australia are taxable unless they are GST-free or input taxed. Non-profit organisations may be entitled to concessions on some transactions.

 

You can find out how GST works and what you need to do to meet your GST obligations on our website.

 

I really hope this information helps.

MariR