Money Doesn’t Come Without Guidance ...
Estimating your net GST payable becomes a bit difficult when you deal with both taxable and GST-free sales and purchases. To overcome this impediment, ATO has introduced five Simplified Accounting Methods (SMAs) for GST purposes which are –
1. Business Norms;
2. Stock Purchases;
4. Sales Percentage and;
5. Purchases Snapshot.
If your business turnover is equal to or less than $2 million, you can choose any of the
methods depending on the nature of your business or the nature of your point of sale equipment. Here is a brief description of the methods and how they work –