Goods & Services Tax(GST)

What Ledger account would Output Tax amount be posted to?

• GST Payable.

• GST Receivable.

• Output Tax Expense.

• Output Tax Income.

When a standard-rated supply is made to a taxable person, a tax invoice should be issued within ______________.

• 7 days.

• 30 days.

• 3 years.

• 5 years.

How long do Tax Invoices need to be kept for at least?

• 3 years.

• 5 years.

• 1 month.

• 12 months.

A simplified invoice may be issued,

if the total amount stated in the invoice plus GST is less than ?

• $200.

• $500.

• $1,000.

• $5,000.

When payment has been received,

what alternative document may be issued to the non-GST registered customer,

instead of a tax invoice?

• Receipt.

• Debit Note.

• Delivery Order.

• Purchase Order.