If I buy adequate point-of-sale equipment part way through the year, do I continue to use the simplified GST accounting method for the rest of the year?
A. No. Once you have installed point-of-sale equipment that you are satisfied accurately identifies and records GST-free sales separately from taxable sales, you are no longer eligible to use the simplified GST accounting method you have chosen. You must stop using this method from the beginning of the tax period after the day you purchased the point-of-sale equipment.
Related Questions
- If I buy adequate point-of-sale equipment part way through the year, do I continue to use the simplified GST accounting method for the rest of the year?
- If I use a simplified GST accounting method, what happens if a customer needs a tax invoice to claim a GST credit?
- What does the term convenience store mean for purposes of simplified GST accounting?
