Cash Vs Accruals
According to tax legislation, small business is given the opportunity to account for GST on a cash or an accrual method.
A cash method is where you only declare income, in business activity statements, when the income is received. Accruals, on the other hand, is when you declare the income when the invoice is raised based on the date.
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The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
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