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coley1
Level 1
posted
‎November 04, 2024 10:39 AM
last updated ‎November 03, 2024 3:39 PM

GST on products purchased prior to registration

Hi 

 

I have recentley registered for GST and doing my first BAS, I had inventory already purchased prior to registering for GST....

 

When i sell this inventory do i charge GST?

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Best answer November 05, 2024
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IntuitSheila
Level 8
‎November 05, 2024 10:52 AM

GST on products purchased prior to registration

Hi Coley1,

 

This depends with your accounting method if you're using cash and accrual methods. Did you paid right away the items you've bough for inventory or did you paid it on a later date? 

 

As we're unable to provide any accounting advice, it's best to consult your accountant for this on what's the best option to record your invoice to avoid messing up your books.

 

If you don't have an accountant, you can check this link here: https://quickbooks.intuit.com/au/find-a-proadvisor/

 

Drop by again in the Community if you have more questions.

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3 Comments 3
IntuitSheila
Level 8
‎November 04, 2024 01:38 PM

GST on products purchased prior to registration

Hi Coley1,

 

Thanks for posting in the Community.

 

If you wanted to collect GST on the invoice created, you can allocate GST code on them so it will be reported to your Business Activity Statement. However, if you are not sure when will you start collecting GST on your transaction. I recommend contacting your accountant to get accurate accounting advice.

 

To learn more about how to prepare and lodge BAS in QuickBooks Online, check this link here.

 

Drop by again in the Community if you have other QuickBooks Online question. 

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coley1
Level 1
‎November 04, 2024 07:48 PM

GST on products purchased prior to registration

Thanks I am already registered and have to do BAS but the products were purchased before i had to register so i didnt claim GST Paid so not sure if it is reportable

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IntuitSheila
Level 8
‎November 05, 2024 10:52 AM

GST on products purchased prior to registration

Hi Coley1,

 

This depends with your accounting method if you're using cash and accrual methods. Did you paid right away the items you've bough for inventory or did you paid it on a later date? 

 

As we're unable to provide any accounting advice, it's best to consult your accountant for this on what's the best option to record your invoice to avoid messing up your books.

 

If you don't have an accountant, you can check this link here: https://quickbooks.intuit.com/au/find-a-proadvisor/

 

Drop by again in the Community if you have more questions.

Reply