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Level 1

GST turnover report

What is the best way to get a monthly GST turnover report?

13 Comments 13
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Content Creator

GST turnover report

Hi C MACMORLAND, 

 

The best report for calculating turnover would be a Profit and Loss report customised with a comparison period. We have added a dedicated report that does this to assist with checking for JobKeeper eligibility, which you can access by going to the Dashboard of your company, editing the URL of the page to end with /app/jobkeeper and then selecting the "Run report" option in step 1. You can then customise the report period to show the period compared with the previous year's period, as well as view the percentage difference between the two. If you wanted to compare month-to-month, you could adjust the comparison settings to show "Previous Period" rather than "Previous Year". 

 

If you have any other questions feel free to reply in this thread and we'll be happy to help!

 

-Lucas

 

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Level 1

GST turnover report

I have the report. However which amount do I enter in?

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Content Creator

GST turnover report

Hi michaelbods, 

 

Do you mean which figure from that report do you submit to the ATO?

 

-Lucas

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Level 1

GST turnover report

Hi there, yes I have the same question.

 

Which figure from the P&L do I enter?

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Level 1

GST turnover report

Is it just "Total Income"?

 

Many thanks for your help.

Highlighted
Content Creator

GST turnover report

Hi Makcomp, 

 

The GST Turnover is relating to the gross business income amount, which in this report would be the Total Income amount - however, there are additional factors to take into consideration, such as if there are any international sales or personal transactions that are not related to your business. You can view this article from the ATO going over the requirements in more detail if you have any other questions about what counts as a relevant transaction. 

 

-Lucas

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Level 1

GST turnover report

Excellent thanks Lucas.

Very informative and much appreciated.

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Level 1

GST turnover report

Hi Lucas,

 

My total income is high, but my total expenses is also really high. How will the ATO know that my Net earnings are $1000, not income of $5000 which looks high?

 

Also do we exclude the April JobKeeper payment from Total Income?

 

Thanks,

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Content Creator

GST turnover report

Hi Merrin,

 

While we can guide you on how to run and customise the report, we are unable to provide advice on what you should or shouldn't be reporting to the ATO and what needs to be included. If you are trying to determine if you meet the turnover requirements for the ATO, we would encourage you to review their 'Turnover Test' as this will walk you through how to determine your relevant GST turnover, how to calculate when using cash or accrual, calculation examples and so on.

 

-Kass

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Level 1

GST turnover report

which one do we use for a report for GST turnover then?

is it total income or net earnings?

Many Thanks

Pekkie

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QuickBooks Team

GST turnover report

Hi Pekkie, 

 

Thanks for reaching out. While the GST Turnover relates to the gross income amount, there are additional factors to take into consideration when applying for JobKeeper payments. 

In this case it may be best to direct your question to the ATO or take a look at their instructions on reporting Turnover to ensure you are providing the most accurate figures. 

-Rebecca 

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Level 1

GST turnover report

Same question

Highlighted
Content Creator

GST turnover report

Hi alex44,

 

If you are referring to the initial question on obtaining a turnover report, Lucas's first reply at the beginning of the thread will guide you on how to run and customise the Profit and Loss report to compare to previous periods so you can view the differences between the two.

 

If you are referring to the subsequent questions in the thread regarding what figures you should provide to the ATO, you will need to review the instructions provided by the ATO in their Turnover Test or reach out to the ATO directly as we are not able to advise what factors you should be taking into consideration when checking your eligibility. 

 

-Kass