• Local Area Marketing

Selling gift vouchers? Know when to report GST


Many small businesses use gift vouchers, particularly at this time of the year - so remember if you sell vouchers it is important to know when to report the GST on your activity statement.

If you sell a gift voucher which can be redeemed for a choice of goods or services up to that

value, you report the GST for that gift voucher when the gift voucher is redeemed, not when it is sold.

If only part of the gift voucher is redeemed, you only need to report the GST on that part.

However, if the gift voucher is for a specific product or service, you report the GST when the voucher is sold.

Remember, registered tax agents and BAS agents can help you with tax advice.

More info here.

#Tips #SmallBusiness #ATO #Tax

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