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extol's avatar
extol
Contributing User
7 years ago
Solved

Confirming the Correct Use of N-T Tax Code

What is the correct use of the GST code N-T (no tax) verses GST code E (exempt).  Exempt as I understand it is for financial services, residental dwelling rentals, fine metals.  So what is the N-T code for?  

  • Steven_M's avatar
    Steven_M
    7 years ago

    Hi extol

     

    Generally speaking, the N-T (Not Reportable) tax code is used on transactions that are not required to be reported on the BAS, for example drawings, bank transfer... transactions 

     

    In saying that if you are unsure which tax code should be used on a transaction I would recommend speaking with an Accountant.

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  • Steven_M's avatar
    Steven_M
    Former Staff
    7 years ago

    Hi extol

     

    Generally speaking, the N-T (Not Reportable) tax code is used on transactions that are not required to be reported on the BAS, for example drawings, bank transfer... transactions 

     

    In saying that if you are unsure which tax code should be used on a transaction I would recommend speaking with an Accountant.

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