hi ddzx, hope you're having a nice long weekend and that you can spare a couple of minutes to clear this up for me:
so I'm still working on my tax... now I'm a bit confused with GST, do traders need to register? I've been reading on the subject but I just can't make sense of it.
I know if the business turnover (gross income) is over $75,000 registration is required, but what exactly is the turnover, just the sales? I found this formula in google: gross income = sales - COGS, is this right?
My sales were over 350,000 this year but my COGS was higher incurring in a loss as I explained last time. Currently, I account for brokerage as a deduction / cost
Do you know of any resource (book or web page) that explains this in a very simple way or can you explain it in plain english? thank you
