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TOPIC: Handling transactions where GST is less than 10%

Handling transactions where GST is less than 10% 13 years 5 months ago #219

  • steph
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Bookkeeping Tip:

This type of transaction is often called a "mixed supply" as it includes a component that is taxable, as well as a non taxable component.

The transaction should be ‘split up’ into GST taxable and non taxable lines. In this way, you can correctly calculate GST collected and paid at G9 and G20 by dividing G8 and G19 by 11. If you use MYOB do NOT simply change the GST value - this will ruin your BASlink!! Transactions to look out for are some phone bills, vehicle registration and insurance bills.
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
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