The options and eligibility criteria in choosing the GST accounting basis and filing frequency.
When you register for GST, you need to decide what would be your accounting basis and filing frequency.
The Accounting Basis you choose determines how you account for the GST collected from your sales and income, and GST you've paid on purchases and expenses.
The GST filing frequency can be monthly, two-monthly, or six-monthly, depending on your business's turnover and preference.
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Monthly Filing is required if your annual turnover is more than $24 million. This is optional for businesses with lower turnover who prefer more frequent filing.
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Two-Monthly Filing is the standard filing frequency for most businesses and is required if your annual turnover is between $500,000 and $24 million. This is optional for businesses with lower turnover.
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Six-Monthly Filing is available for businesses with annual turnover of $500,000 or less and is suitable for businesses with simpler GST accounting needs.
You may visit the IRD website for more comprehensive guide in GST.
Are you still having trouble deciding what's the best option?
DVA is here to help - we provide services in GST registration and GST Return preparation and filing. Let us take care of your GST needs so you can focus on what matters most – growing your business.
Visit our Accounting and Tax Services | GST page