WET is a tricky area of taxation which usually requires assistance from an accounting advisor to set up in your MYOB software.
To learn more about WET, visit the ATO website.
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Updated 9 years ago
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Could we get some clarification maybe from an Accountant working in this industry on how to comply with the GST Ruling and to show the correct GST amount to be claimed by businesses on a Tax Invoice.
Inserting the tax table is fine but without knowledge of this industry and WET, then the table can be confusing. It shows GST 10% as $0.00 and shows WEG as 12.9% which is really GST 10% on the wine + 2.9% for GST on the WET. Not only would the code confuse people as they are looking to claim GST not WEG but it shows as 12.9% which they may think is too much and incorrect.
I dont know if the way in which AccountRight shows this is compliant with the ATO GST Ruling for WET.
I understand that not many software programs can even do what AccountRight can. An "experts" response would be appreciated.