Tax Credits

Question

Can Tax Credits be add into MYOB??I import goods from overseas, I pay for the goods and account for that in MYOB, the goods can take 8 – 10 weeks to arrive, when they arrive, I pay the GST value of the goods to the government and account for this transaction in MYOB.&nbsp;Tax credits is to claim back that GST so I can receive a refund from the Government. If I complete the BAS through MYOB without the tax credits it tells me the amount of GST I owe rather than the true value (refund)&nbsp;My account can and does input the tax credit this for me, but for a fee.I would like to if there was an option to input this tax credit so I didn’t have to pay my accountant to do it.&nbsp;Thnaks

earl_hd · Answer

Hi mlawler,In this type of issue, we do recommend reaching out to your accountant for an accurate solution. But to give you an idea, yes, you can add tax credits in MYOB to claim back GST and receive a refund from the government. When you import goods from overseas and pay for them, you account for this transaction in MYOB. Upon the arrival of the goods, you pay the GST value to the government and record this transaction in MYOB as well. You can also visit this help pages for more information:&nbsp;How To Claim GST: Goods And Services Tax RefundsGST Reimbursements And Credits: The Complete GuideRegards,Earl

mlawler · Answer

Hi EarlThnaks for your reply.Are you able to provide an example (screen shot) on how t claim the tax credit?&nbsp;Thanks

genreve_s · Answer

Hi mlawler,
&nbsp;
We can't provide any screenshots for this. We recommend seeking help from an accountant for better instructions on recording import tax returns.
&nbsp;
Cheers,
Genreve

mlawler · Answer

Hi, I have asked my account for advice, and he also is unsure how to imput tax credits in MYOB.

He does do this for me outside of MYOB as part of BAS preperation to the tax department but this extra step that cost me a fee.

He mentioned that other accounting software has an option to add tax credits as part of the BAS preperation.

In the reply above, Earl mentioned that you can, I would like to some instruction on how this can be done.

Thnaks again

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