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espelberg's avatar
espelberg
User
5 years ago
Solved

spend money, purchases not GST registered

Hi,

I am a small business operator and Not registered for GST, my question is regarding processing 'purchases' and 'spend money' in MYOB.

Do I process the TOTAL amount of purchases/spend money in MYOB and use 'Tax Code" N-T? or is there a different way to process these transactions?

Thanks

Ed

Banking
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi espelberg 

     

    Thanks for your post. Generally speaking, if you do not need to report expenses to the ATO you would use the N-T tax code and record the total amount of the purchase. However, I do strongly recommend speaking to your accountant or tax agent to ensure you are recording your expenses correctly.

     

    Please don't hesitate to post again if you have further questions.

     

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

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    5 years ago

    Hi espelberg 

     

    Thanks for your post. Generally speaking, if you do not need to report expenses to the ATO you would use the N-T tax code and record the total amount of the purchase. However, I do strongly recommend speaking to your accountant or tax agent to ensure you are recording your expenses correctly.

     

    Please don't hesitate to post again if you have further questions.

     

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