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Business receives deposit from clients

Newbie

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Replies 1

Hi

For the invoices we issue to our customers, they get to pay half for us to take as deposit to start the job. So the invoices can sometimes take long time to be paid in full. So when I do Jobkeeper extension to compare Dec Qtr GST turnover 2019, the actual amount is more than we submitted before. I suppose that I need to use the real amount instead? Should this belong to "Total sales (G1) doesn’t reflect JobKeeper GST turnover test" ?

 

Thanks

Gloria

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Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hiya @Gloria-lu,

 

It really depends on your method of accounting for GST. If you are accounting for your GST using the accruals method, you would need to include it in your turnover, when you invoice the client. However, if you report GST using the cash method, you would only be including the money you have actually been paid for those invoices.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hiya @Gloria-lu,

 

It really depends on your method of accounting for GST. If you are accounting for your GST using the accruals method, you would need to include it in your turnover, when you invoice the client. However, if you report GST using the cash method, you would only be including the money you have actually been paid for those invoices.