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tonyr2's avatar
tonyr2
Experienced User
4 years ago
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GST code for interest expense

Hi,

I am using AccountRight 2020.3, I would like to know the GST code to be used for Interest expense on loans and motor vehicle Chattel Mortgage Interest for reporting in BAS. I am currently using GST Free, but I belive it should be Input Taxed. there is a code (INP) but it has a 10% rate. Should I create a new code with 0% ? 

  • Steven_M's avatar
    Steven_M
    4 years ago

    Hi tonyr2 

     

    If you are unsure about which tax code you should use for your transactions it is recommended that you do speak to an accounting advisor. 

     

    Generally speaking, the majority of businesses, would not need to add additional tax codes, however, if required these can be added through List>>Tax codes>>New. 

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  • Steven_M's avatar
    Steven_M
    Former Staff
    4 years ago

    Hi tonyr2 

     

    If you are unsure about which tax code you should use for your transactions it is recommended that you do speak to an accounting advisor. 

     

    Generally speaking, the majority of businesses, would not need to add additional tax codes, however, if required these can be added through List>>Tax codes>>New.