GST margin scheme - 7%

GJH1952

I am the buyer of a property

seller has elected margin scheme and 7% GST is being withheld

this means in my GJ entry I want to apply 7% as GST included in the purchase price not the stndard 9.0909%

 

how is this possbile - so that my MYOB GST reports etc all balance and make sense?

 

the various purchase costs are all GST and 9.0909%

 

 

 

Genreve_S

Hi @GJH1952, 

 

Thanks for posting your concern in the forum. 

 

I understand the need to create custom tax codes for unusual transactions. If none of the tax code presets cater to your needs, you can create a custom tax code. I recommend reading through this article, Tax Codes. This will provide complete information regarding the steps to get the outcome you are trying to achieve. 

 

Let us know if you require any further assistance.

 

Thanks,
Genreve