hello everyone, this is my first time here.

I m doing bas for my Brother and I am unsure which tax codes to use.
He parks his trucks and pays rent to keep them there, now the owner of the property is not registered for gst, so should I code it as FRE or N-T.

Also stamp duty should that be FRE or N-T

Interest Expense on a car loan FRE or N-T

Insurance for machinery FRE Or N-T

I am very confused with these two.

With the Bas do I have to enter the GST FRE amounts.

Thank you

Anne

Hi Anne, welcome to the forum!

Knowing the right tax codes can always be a bit daunting so its great that you are seeking advice!

For the truck rent, we use a code called "GNR" for these types of entries. This stands for "GST Not Registered" and is basically coding it as FRE - but also giving some additional information on why this item (that normally includes GST) has been coded this way. If you don't have the GNR code you can set it up in MYOB if you feel comfortable doing that, or otherwise use the FRE code.

Your other queries:

Stamp duty - N-T
Interest Expense on a car loan - FRE
Insurance for machinery (if you mean the premium - this is GST, if you mean a payout / settlement, then N-T)

Now with the BAS payment, you should enter the amounts as N-T and against the GST clearing accounts they relate to.

e.g. GST Collected $2500.00 N-T
GST Paid -500.00 N-T

Net Payment: $2000.00

Hope this helps!