Forum Discussion

extol's avatar
Contributing User
6 years ago

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 co...
  • Steven_M's avatar
    6 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.