The Deferred GST scheme is an option available to importers who report GST on a monthly basis and deal electronically with the Australian Taxation Office (ATO) and Customs. This liability amount shou...
Updated 9 years ago
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I am confused about the impact recording the Deferred GST liablity in Task 3 will have on the GST reports. When running the GST reports this will include the $100 as GST paid?
Assuming this to be the only import for the month, the ATO should report the $100 as deferred GST and the $100 will need to be deducted from the GST paid otherwise it will be double reported on the monthly BAS.
Am I correct? If yes, is there a cleaner way to do this?