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Your accounting basis refers to your method of accounting that affects how you report GST. In Australia, the two methods are known as Cash and Accrual, while in New Zealand they are known respectively as Payment and Invoice, as well as a third Hybrid option.

Visit either the ATO website or IRD website for specifics on your eligibility and reporting implications.

In AccountRight, there's no "one size fits all" solution to changing your accounting basis because of the importance placed on each business' specifics, including annual income, previous tax reporting, and which accounting basis you are switching to and from.

Want to learn more?

We might not be experts in changing your accounting basis, but our community forum is a great place to connect with business professionals who are happy to share their insights.