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100% GST on Imports

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bthake
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100% GST on Imports

I have a client who imports items.  The FECEX costs are purely the GST - ie charge $639.39 all GST.

I have tried to chabge GST code to 100% but it only calculates 50%

 

How do i record this as a spend money so it appears in my GST report for my BAS please?

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Steven_M
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Re: 100% GST on Imports

Hi @bthake 

 

For a GST only transaction you want to have two lines on the transaction. The first line being the gross up GST amount and the second being the amount that reduces that value so there is no impact on that allocation account. The second line being a zero-rated tax code like FRE or N-T.

 

Below is a screenshot of a transaction that will give you 100% GST, however, we do recommend speaking to your accounting advisor in regards to the accounts, amounts and tax codes on that transaction:

 

Attachment.PNG

Kind regards,
Steven

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bthake
Experienced User
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Experienced User
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Re: 100% GST on Imports

Thanks Steven, that was my work around but just wanted to check.

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