GST Return Form with Credit Notes/Customer Return & Refund

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GST Return Form with Credit Notes/Customer Return & Refund

Hello,

 

We have one Customer Refund (for services not delivered successfully) for this period and we have already pay GST on this income last year.

When I check the GST form on MYOB, it shows the value of the refund on box 5 (reduce total sales and income). Do I need to move the GST amount of this refund to box 13 instead of when I fill the return to IRD? The final GST to pay is the same, I am just not sure about the figures to put in each box.

 

Thanks.

 

 

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Re: GST Return Form with Credit Notes/Customer Return & Refund

Hi @QTL 

Its fine in Box 5 as long as you have other sales and income to offset it.

Otherwise transfer it manually to the purchases side to claim back the GST.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz
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Re: GST Return Form with Credit Notes/Customer Return & Refund

Hi Jennie,

 

Thanks for your reply. 

We have Sales and Income to offset but is it more appropriate to put in box 13 (credit adjustment) on the return form?

 

 

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Re: GST Return Form with Credit Notes/Customer Return & Refund

Hi @QTL 

No - not neccessary. You would only use this for unusual refunds/transactions.

Regards,
Jennie Kingma
JK Business Systems Ltd, Hamilton, NZ
Email: jennie@jkbusiness.co.nz

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