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koshyckoshy's avatar
koshyckoshy
2 months ago

"non-income" items classified as "income" on GST Reports?

Hi there   A director borrowed an amount from the company.   DR: Receivable (Director to repay): $1400        CR:                                    Cash at bank $1400            The money was...
  • Julia_Berkhout's avatar
    Julia_Berkhout
    2 months ago

    Hi,

    The N-T code is for transactions entered but not reported on your BAS.

    The GST report shows all transactions by all GST codes including N-T.

    This allows you to check all transactions that are coded to the N-T tax code are correctly allocated that way prior to lodging your BAS with the tax office.

    Hope this makes sense now.

    You can re-run your GST reports after you check all transactions and exclude the N-T code from the report using customise report options if it does bother you. 

Julia_Berkhout's avatar
Julia_Berkhout
Super Cover User
2 months ago

Hi,

The N-T code is for transactions entered but not reported on your BAS.

The GST report shows all transactions by all GST codes including N-T.

This allows you to check all transactions that are coded to the N-T tax code are correctly allocated that way prior to lodging your BAS with the tax office.

Hope this makes sense now.

You can re-run your GST reports after you check all transactions and exclude the N-T code from the report using customise report options if it does bother you. 

  • koshyckoshy's avatar
    koshyckoshy
    16 days ago

    Thank you Julia

     

    Your answer has lead to a follow-up question: 

     

    • what is the difference between FRE vs N-T?

     

     

    • Julia_Berkhout's avatar
      Julia_Berkhout
      Super Cover User
      15 days ago

      Hi,

      GST fFRE items are included on BAS .

      Rare but some income is GST free.

      N=T are any other transactions to not be included on BAS.

      Hope this clarifies 

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