How to understand the different GST basis options in Farm Focus

Why use a GST basis?

The GST basis determines how you claim and return GST in your business. In Farm Focus, you can choose between payments, invoice, or hybrid basis for GST.

Payments basis

Payments basis means you claim or return GST based on the date payment is made or received in your bank account.

• In Australia, this is called Cash basis.

• This is the most commonly used GST basis.

Invoice basis

Invoice basis means you claim or return GST based on the invoice date on invoices and credit notes.

• In Australia, this is called Accrual basis.

Hybrid basis

Hybrid basis combines both payments and invoice basis. While it is less commonly used due to its complexity, it may suit some businesses.

TIP: If you are moving to a hybrid GST basis, contact our Customer Success Team for assistance with setup.

How to set your GST basis in Farm Focus

1. Go to Settings > Financials.

2. Select the appropriate GST basis for your business: Payments, Invoice, or Hybrid.

Important considerations

• You can change your GST basis at any time.

• NOTE: Changing your GST basis can be complex, especially with partially paid invoices. Make sure everything is filed correctly in the appropriate GST period.

• We strongly advise consulting with your accountant before making any changes to your GST basis.

For more support, contact our Customer Success Team.

More information

• Learn to update GST basis from invoice to payment, or from payment to invoice

• Learn how to change GST frequency