NEWS
GST basis - Payments basis or Invoice basis?
Are you new to GST? Can't decide which GST calculation basis to use? One simple rule to is to look at your business's turnover amount. If it is less than $2M per year then you can use the Payments basis. However, if your turnover is over $2M and your income is mainly cash-based, then you can apply to the IRD to use the Payments basis as oppose to the Invoice basis.
http://www.ird.govt.nz/gst/gst-registering/claimin...
Disclaimer
This information is intended to provide general advice only. We recommend you discuss your specific situation with your Accountant.
