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I have been asked to look at some figures for a company whose Chart of Accounts looks problematic. I am trying to find a suitably large Sample Chart of Accounts that includes the appropriate tax codes to be used as I believe their current set up is wrong and in need of adjustment. EG some of their super funds tax codes have been set to GST, others to FRE, others to NT. Many of their travel and accommodation expenses are also set up in a similar way. I am concerned that what has appeared on their BAS will contain a lot of errors. No wonder they can't reconcile a lot of these issues.
Any links to a good sample chart of accounts that I can send to them and that will prove the depth of their problems would be appreciated.
First question I need to ask is "Are you a Contractor providing the services". If your answer to this is Yes, then "Are you a Registered BAS Agent?"
If you are not a registered BAS Agent the services that you are talking about constitute BAS Agent Services, and you should not be delving into this area with your client. I would suggest that in this instance, they (or yourself) need direction from their accountant or a Registered BAS Agent to respond to this query.
If you are a registered BAS Agent, your best bet would be to look at the ATO Website GST Guides to find out what the actual GST status of each area of income or expense should generally fall into (GST, GNR, NT, FRE, INP, ITS, etc).
The Australian Bookkeepers Network has an excellent document about BAS and GST Codings, but you do need to be a member to access this information.
That list from the bookkeeper's network sounds like just the sort of thing that would be ideal, Is it a copyrighted document or just a generic print out that anyone can use?
Its not a copyrighted document as such, but it is only available to members of the ABN. They are a great organisation to be a part of if you are providing bookkeeping services, either as a contractor or an employee - membership is $35/month, and it well and truly pays for itself (you will find that a lot of the familiar faces you see on here, are also ABN members)
www.austbook.net or contact Leanne Lewis on 07 3290 4914
One of the key elements you need to be across is your status as a provider of BAS Services (not sure if you are an employee or a contractor). If you are a contractor, you CANNOT provide BAS Services (which your initial query falls into), without being a Registered BAS Agent.
I am an employee responsible for helping steer a small NFP in the right direction for the boss who also has a small role in that business. Even though they have their own staff, they have not been formally trained so this list or schedule is merely to assist them.
Do you have a link to the web site at the ATO at all? I recall seeing it a while ago but have forgotten where it was located or what my search criteria included. As is often the case with the ATO website, you need to wade through a lot of territory to find what you're after.