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Confirming the Correct Use of N-T Tax Code
What is the correct use of the GST code N-T (no tax) verses GST code E (exempt). Exempt as I understand it is for financial services, residental dwelling rentals, fine metals. So what is the N-T code for?
Hi extol
Generally speaking, the N-T (Not Reportable) tax code is used on transactions that are not required to be reported on the BAS, for example drawings, bank transfer... transactions
In saying that if you are unsure which tax code should be used on a transaction I would recommend speaking with an Accountant.
