Tax Credits
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...
Forum Discussion
Hi Earl
Currently, when my goods land in Australia I receive an invoice from the shipping company, this invoice has a couple of charges plus the GST charge, I pay this invoice and In MYOB the spend transaction would look like this
Contact, (payee) Shipping company
Category, 2-1212 GTS Balance
Amount, $1500.00 (example only)
Description, GST on Imported Goods
Tax Code, N-T
The above shows up in the GST report and or BAS but not as a negative, so in this case (when I import goods) my quarter BAS is showing I owe the tax department money $500.00 (example)
The above example, I should be getting a refund of $1000.00
$1500.00 (GST Paid) - $500
Just thinking I may need to make another Tax code that taxes as 100% so it shows in the GST report that the value or "Tax Paid" is the full value or 100% and that should trigger a refund?
Hi mlawler,
Here are some articles that you may find useful for recording these tax refunds:
However, we still recommend asking for advice from an accountant for this.
Regards,
Genreve
