tax code- NT vs GST Free Export?
Hi,
Can someone enlighten me on which tax code is applicable for supplier outside AU. The taxable supply is exported (shipped) directly to the customers. For sales it's GST free export, but im not so sure what to use for purchases, is it GST free export also, or NT since they are foreign suppliers.
Thanks a lot!
Welcome to the MYOB Community Forum, I hope you find plenty of useful information.
There are two situations here, one where the goods enter Australia and are then shipped out and the other where the good don't enter Australia.
The first you would use the N-T tax code on the purchase and enter the goods GST when the customs document is entered as described in the MYOB SUPPORT NOTE Recording overseas purchases.
The second situation which is the one you described I would use GNR (GST Not Registered) as the tax code on the purchase.
The purchase must be shown on the BAS so the N-T (not reportable) tax code should not be used.
