BSBFIM601 Manage Finances - Assessment Task 1

Task 1

Question 2

Answer the following questions relating to GST in Australia:

1. When does a business/enterprise and non-profit organisations have to register for GST?
2. When do you need a tax invoice to claim a GST credit?
3. What eight details must be identifiable on a tax invoice for sales over $1,000?
4. What accounting method would a small business with an aggregated turnover of less than $2 million use to account their GST?

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