Forum Discussion

GJH1952's avatar
GJH1952
Partner
5 months ago
Solved

GST margin scheme - 7%

I am the buyer of a property seller has elected margin scheme and 7% GST is being withheld this means in my GJ entry I want to apply 7% as GST included in the purchase price not the stndard 9.0909%...
  • Genreve_S's avatar
    Genreve_S
    5 months ago

    Hi GJH1952, 

     

    Thanks for posting your concern in the forum. 

     

    I understand the need to create custom tax codes for unusual transactions. If none of the tax code presets cater to your needs, you can create a custom tax code. I recommend reading through this article, Tax Codes. This will provide complete information regarding the steps to get the outcome you are trying to achieve. 

     

    Let us know if you require any further assistance.

     

    Thanks,
    Genreve

Genreve_S's avatar
Genreve_S
MYOB Moderator
5 months ago

Hi GJH1952, 

 

Thanks for posting your concern in the forum. 

 

I understand the need to create custom tax codes for unusual transactions. If none of the tax code presets cater to your needs, you can create a custom tax code. I recommend reading through this article, Tax Codes. This will provide complete information regarding the steps to get the outcome you are trying to achieve. 

 

Let us know if you require any further assistance.

 

Thanks,
Genreve