GST Guidelines for Formations

1.      A Formation is not required to claim GST. If they chose not to, they can set up Xero to remove the accounting for GST.

2.      If a formation has not claimed GST before, the maximum they can claim back to is the beginning of the previous financial year.

3.      If a formation has previously claimed GST and wants to continue, they will be required to bring their claims up to date to the end of the previous financial year.

4.      If a formation does not submit a GST claim over a 12-month period, they are strongly encouraged to stop accounting for GST.

5.      A formation must submit an Annual Financial Returns to be able to submit GST claims.

6.      Formations that regularly invoice external organisations that would claim GST (e.g. campsites invoicing schools) can move to being not registered for GST, but this would need to be planned as GST has been collected that needs to be paid to the ATO. Contact the Finance Manager for assistance in this situation.

7.      If a formation has been recording GST and chooses to stop or not claim GST, they will need to remove the value of the GST account that appears on their balance sheet. This can be done using a manual journal for previous years and recoding for the current financial year. Contact the Finance Manager for assistance if required.

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