Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
we sold aome HW and will receive revenue over 3 years, how gst will be applicable on this sale and we also need to recognise revenue, so the revenue will be recognise when the product delivery happened and which period gst need to apply?
Thanks for the response, Surely we are on accrual base. And sorry My questions wasn't clear may be -
When we deliver the product - inventory also need to reduce, so does the revenue need to recognise on day1. so should we do accrual revenue to recognise when its delivered and invoice monthly as we receive the payment OR we have to invoice on Day 1 and reflect the GST on day 1 too?
Your trading stock (inventory) will change as it actually changes. No accounting method consideration required for that part.
You account for the payment depending on whatever accounting method you are on, as @CaroATO advised. If you're not sure what accounting method your business is on, you can check by contacting us and asking. How you invoice for the payments is up to you - you can either invoice each monthly payment, or payment in full in instalments.
If you invoice on day 1 for the full payment and are on the accruals method, you'll report the full GST on that invoice date.
If you invoice monthly for the instalments and are on the accruals method, you'll report the GST on each invoice.
If you're on the cash method, you'll report the GST as you receive payments, no matter the invoice dates.