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Contributing User
Natct
Posts: 33
Registered: ‎13-11-2012
Australia
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IMP Tax code

Hi all

 

will anyone know when will IMP tax code be put into place to record transactions? Is it the Customs duty when the company trying to import goods from overseas and then we need to record from Banking tab under Spend money ?

 

 

Natasha

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Super Cover User
Seattle
Posts: 380
Registered: ‎28-11-2012
Australia

Re: IMP Tax code

Natasha,

 

I am old fashioned and post GST Paid on the Import Declaration Document directly to GST Paid.

 

Would always reconcile my GST Reports to the Balance Sheet on preparing a BAS.

 

The MYOB code IMP may make the GST Reports correct when reconciling the GST Report to the Balance Sheet.

 

Great Care should be taken in entering the Import Declaration Document into MYOB.

 

Hope this helps.

 

  

Duncan Smith
Business Advice + Tax
Dream with an Accountant - bringing life to tax
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MYOB Moderator
Matthew_W
Posts: 2,171
Registered: ‎26-04-2012
New Zealand

Re: IMP Tax code

Hi Natct, thank you for the enquiry.

 

I can't advise when you should be using the IMP tax code on your transactions but I can give you this great Support Note we have setup for recording GST on imported goods in your software. This Support Note steps you through doing this on your Purchases as that is generally the requirement but you could apply the same process to Spend Money transactions if that is what you need.


Kind regards,

Matthew
MYOB Client Support

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