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How are GST returns displayed in my Budget?
Let’s work with Campbell, a dairy farmer, as he explores how his GST Returns are displayed in the Cashflow screen.
Firstly, some background information. Campbell’s current financial year runs from June 2015 to May 2016 and his bi-monthly schedule of GST Returns is displayed below:
Campbell's 2015/2016 schedule of GST Returns April/May 2015 (previous financial year) 1st GST Return Due 28th June 2015 June/July 2015 2nd GST Return Due 28th August 2015 August/September 2015 3rd GST Return Due 28th October 2015 October/November 2015 4th GST Return Due 15 January 2016 December/January 2016 5th GST Return Due 28 February 2016 February/March 2016 6th GST Return Due 07 May 2016 April/May 2016 (1st GST Return of 2016/17) Due 28 June 2016 When Campbell looks at his Main 2016 Budget in his budget in the Cashflow screen, he can see that the (payments) or refunds for his GST returns have been predicted and that Cashmanager RURAL automatically takes into account the extension dates set by Inland Revenue.
