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GST report shows Loan from directors account (Zero GST)

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Contributing Partner anand1
5 Posts
Contributing Partner

GST report shows Loan from directors account (Zero GST)

Hi 

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.

 

Thanks.

 

 

5 REPLIES
Ultimate Partner Geoff_
1,644 Posts
Ultimate Partner
Australia

Re: GST report shows Loan from directors account (Zero GST)

 Hi Anand

 

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?

 

 

Geoff
Busselton Bookkeeping Service
MYOB Certified Consultant, BAS Service Provider
Phone 08 9754 7680
www.busseltonbookkeeping.com.au
Ultimate Partner jenniek
2,013 Posts
Ultimate Partner
New Zealand

Re: GST report shows Loan from directors account (Zero GST)

Hi @Geoff_

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.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
Ultimate Partner jenniek
2,013 Posts
Ultimate Partner
New Zealand

Re: GST report shows Loan from directors account (Zero GST)

Hi @anand1

Hi there,

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.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
Ultimate Partner Geoff_
1,644 Posts
Ultimate Partner
Australia

Re: GST report shows Loan from directors account (Zero GST)

Hi Jenny

 

Thanks for your reply. I am always learning

 

Best regards

Geoff
Busselton Bookkeeping Service
MYOB Certified Consultant, BAS Service Provider
Phone 08 9754 7680
www.busseltonbookkeeping.com.au
Contributing Partner anand1
5 Posts
Contributing Partner

Re: GST report shows Loan from directors account (Zero GST)

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 Smiley Happy

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