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
- Forums
- ASX - General
- tax - share trader vs investor - help
hi ddzx, hope you're having a nice long weekend and that you can...
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO
Charles Armstrong
CEO
SPONSORED BY The Market Online