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How do i enter a Telstra bill with more than 10% GST

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Contributing Cover User Lingdan
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How do i enter a Telstra bill with more than 10% GST

Hi there,

 

I received a Telstra bill $1339.25 includes GST $303.29 . The Telstra customer said it is because of the Mobile Repayment Option for your new handset that will be taxed in the first invoice. The succeeding payments will no longer be taxed though.

 

My question is if so, how to enter this bill in MYOB. As MYOB already set 10% GST, it only allow to apply $121.75 GST.

 

I will appreicate if someone can give the answer.

3 REPLIES
MYOB Moderator Hayden_B
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Hayden_B
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Re: How do i enter a Telstra bill with more than 10% GST

Hi @Lingdan

 

I'm not really an accounting expert like some others on the Forum however to get to non-standard GST amounts, I recommend taking a look at this support note: Non-standard GST amounts

 

As the software uses the Tax Codes to determine the GST amounts per-line, these are usually locked to 10% of a specific line to determine the Tax Component. In the event where a transaction has a non-standard amount like yours we'd need to add a line with what $303.29 would be the % of.

 

For example 303.29 is 10% of 3,032.90. But you mentioned this is inclusive, so we would want to enter: $3,336.19

 

So if we add Line 1 of $3,336.19 with GST, then a -$3,336.19 with N-T we'll get $303.29 in the GST field.

 

Like so:

temp.png

 

*Note that I am using a Tax Inclusive Bill in this example.

 

With that said, that is one of the first times I've heard of a non-standard GST amount from a repayment of a phone. I wonder if that's common.

 

Let me know if you have any questions on this.

 

 

Contributing Cover User Lingdan
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Lingdan
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Re: How do i enter a Telstra bill with more than 10% GST

Thank you very much Smiley Happy

Ultimate Partner DuncanS
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Re: How do i enter a Telstra bill with more than 10% GST

@Lingdan @Hayden_B

 

Does a Tax Accountant/BAS Agent/Bookkeeper/Business Owner need to look at every Telstra Tax Invoice to ensure the correct GST amount is claimed? The GST amount appears on each bill. 

 

The answer is yes but one could say this is onerous.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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