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Does anyone know how to put through the journal entries for the adjustment of GST for sales of properties under the margin scheme?
Solved! Go to Solution.
Accounting for the Margin Scheme is complex and you should consult your Tax Accountant.
Lets give an example -
The property (Property A) sells for $1,100,000
The Sale Contract states that the Margin Scheme applies.
The Sale Contract states that $40,000 GST has been charged.
I would have a Income Ledger - Sale of Property A which would have a balance of $1,060,000.
There would be a figure of $40,000 in GST Collected.
Do consult with your Tax Accountant.