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I am new to MYOB. My GST report for NZ includes zero rated liabilities when run for detailed 2 monthly GST report.
Is this correct or I need to change anything? My GST settings are on accrual basis.
Please help as I need to file return before 28 Jun.
All entries for the Directors Loan Account should be coded N-T as you cannot claim GST for these expenses.
How come you do 2 monthly GST reports is this something peculiar to New Zealand?
Hi Geoff - yes we are a peculiar lot over here - GST is done mostly 2 monthly or some very small entities 6 monthly. Very big business and some by choice do their GST every month.
Are you using the Z code for your zero rates GST - this is used for export sales only and appears in Box 6 of your GST return. YOu should be using N-T or E for your directors loans.
Thanks for your reply. I am always learning
Thanks a lot for quick reply. I will change the codes and recheck it.
This platform is realy helpful ..
Ours is a small company. Now need to change to 6 monthly