GST Requirements for Advance Payment

Description

Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption in Australia and New Zealand (ANZ). When it comes to advanced payments, there are specific GST requirements that businesses need to adhere to ensure compliance with tax regulations.
In ANZ, GST is generally payable on the receipt of advanced payments. This means that businesses must account for full GST for the total value of the sales order at the time the payment is received or when the invoice is issued which ever happens first.

Scope of Services / Deliverables

An experienced Tax Consultant to walk us through the various GST requirements for advance payments and how this could be incorporated onto various purchases and sales processes, including variations within them (e.g. changes in sales/purchases prices and/or quantities as well as cancellation orders). The resource will need to have a good understanding of the above specific GST requirement to advise on GST implications in relation to eInvoicing and GST returns.

Skills - (Experience 3+ years)

• Skill and experience classification: Purchases and Sales Scenarios
• GST requirements on advance payment for Australia and New Zealand
• Tax implications of advance payment on sales and purchase scenarios, eInvoicing,
• Reporting of GST on advance payments made and received.
• Additional required skills: GST computation, FIN postings.