Scribd Logo
Upload

Welcome to Scribd!

  • Accounting Term 1 Notes

    Uploaded by

    Dev Khatri
    19 views1 page
    This document provides notes on accounting terms. It states that a source document provides details of transactions. It explains that GST is collected from customers by stores, who then pass it on to the ATO, and businesses must report their GST activity each tax period in a BAS statement, with the tax period depending on profit level. It also notes that GST credits are received when purchasing goods/services, while GST is collected when others purchase your goods/services.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document provides notes on accounting terms. It states that a source document provides details of transactions. It explains that GST is collected from customers by stores, who then pass it on to the ATO, and businesses must report their GST activity each tax period in a BAS statement, with the tax period depending on profit level. It also notes that GST credits are received when purchasing goods/services, while GST is collected when others purchase your goods/services.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    19 views1 page

    Accounting Term 1 Notes

    Uploaded by

    Dev Khatri
    This document provides notes on accounting terms. It states that a source document provides details of transactions. It explains that GST is collected from customers by stores, who then pass it on to the ATO, and businesses must report their GST activity each tax period in a BAS statement, with the tax period depending on profit level. It also notes that GST credits are received when purchasing goods/services, while GST is collected when others purchase your goods/services.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Accounting Term 1 Notes

    Source Document:

     Provides details and evidence of transactions

    GST:

     Store collects GST from the customer, then passes it onto the ATO
     Each tax period businesses report GST activity to government call BAS
    o ^ tax period is dependent on profit of business, higher profit frequently have to
    report BAS
     GST Credits received is when you purchase goods or services
     GST collected is when someone purchases your goods or services

    You might also like