Annual expected turnover of company?
How often will the company lodge GST?
If your Turnover exceeds $75k per financial year you must report GST on a quarterly basis. If turn over is less than $75k per year annual option is available.
Does the company intend to account for GST on a Cash basis?
GST is payable on income derived on a Cash basis, when income is received from the Customer.
GST may be claimed on expenses when physical payment is made to a GST registered supplier.
GST is payable on income derived on a Accruals basis, when and invoice is issued to the Customer (irrespective when a payment is made).
GST may be claimed on expenses incurred when supplier presents you with a tax invoice.
