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Bluewren's avatar
Bluewren
Contributing Cover User
3 years ago
Solved

Landed Cost for Imported Inventory ADJ and Tax Code?

I need clarification on the GST Code to use when posting landed costs.  The Landed Costs for Imported Inventory support note shows a N-T code on each purchase item and also on the adjust line.     ...
  • SamaraM's avatar
    SamaraM
    3 years ago

    Hi Bluewren 

     

    Thank you for your post. GST-Free (or FRE) is generally used to record sales that are GST-free sales other than export sales, such as fresh food purchases, medical services and products, and educational courses.

     

    No-Tax (or N-T) is generally used to record sales that carry no GST, such as depreciation and cash transfers.

     

    However, we always recommend that you consult your accountant or the ATO regarding the best code to use to ensure you are meeting all your tax obligations in your specific situation.


    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

SamaraM's avatar
SamaraM
Former Staff
3 years ago

Hi Bluewren 

 

Thank you for your post. GST-Free (or FRE) is generally used to record sales that are GST-free sales other than export sales, such as fresh food purchases, medical services and products, and educational courses.

 

No-Tax (or N-T) is generally used to record sales that carry no GST, such as depreciation and cash transfers.

 

However, we always recommend that you consult your accountant or the ATO regarding the best code to use to ensure you are meeting all your tax obligations in your specific situation.


If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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