You may choose to use the global accounting method for specified second-hand goods for which you have paid $1,000 or less, even if some or all of the goods were sold to you as a taxable sale.
For a list of relevant second-hand goods and the circumstances that must be satisfied in order to apply this rule, refer to SHG 2000/1 A New Tax System (Goods and Services Tax) Rules for Applying Subdivision 66-B Determination (No. 1) 2000.
The explanatory statement accompanying the determination contains information on how to complete the relevant GST labels on your activity statement where you have chosen to apply the determination.
See also:
- SHG 2000/1 A New Tax System (Goods and Services Tax) Rules for Applying Subdivision 66-B Determination (No. 1) 2000