Simplified GST Accounting Methods Legislative Instrument (No. 1) 2007 – the Commissioner registered this determination on the Federal Register of Legislation on Wed 27.9.2017.
The Determination, made under s 123-5(1) of the GST Act, which provides eligible retailers with the choice to use a simplified accounting method (SAM) to help work out their net amount by estimating the proportion of their sales and purchases of trading stock that are GST-free, rather than having to calculate the actual GST on those sales that are taxable.There are three bases of doing this: the business norms method; the stock purchases methods; and the snapshot methods.
Retailers are eligible for this if they: (i) sell food that is subject to GST and food that is GST-free from the same premises; (ii) have a SAM turnover that is $2 million or less; (iii) do not have adequate point-of-sale equipment; and (iv) satisfy the requirements for that particular SAM.
This 2017 determination replaces a similar 2007 Determination (F007L02577).
The Determination commences on 28 September 2017.
[Federal Register of Legislation – 2017 GST Determination (F2017L01274); TT – related article; LTN 185, 27/9/17; TM Sept 2017]