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How do you enter GST more than 10%

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arjay
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How do you enter GST more than 10%

 
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Partner AlanT
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Re: How do you enter GST more than 10%

@arjay

 

Hi Rick,

 

You are not able to add or edit GST categories in Essentials. Where are you?

 

The GST rate in Australia is 10%, can you give us an example of why you want to record a GST rate greater than 10%.

 

Regards,

 

Alan

Ultimate Partner IanChait
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Re: How do you enter GST more than 10%

@arjay @

 

As @AlanT has said, the GST rate in Australia is 10%, so you should not need a higher rate.

 

If you genuinely  have some extremely strange reason, you could multiply the total GST by 11, record that as a GST inclusive amount with the GST Code, then enter a second line with a negative amount and the NTR code so that the total is correct.

 

But can't see the need for that. If you are paying GST on imports, and the GST is more than 10% of the Customs Agent Invoice, there are special procedures to record this. Concept is similar to what I have outlined above.

 

 

Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Fax 03 9012 4488
Email ian@myfc.com.au

arjay
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Re: How do you enter GST more than 10%

Ian,

Thanks for that.

The inv is for importing GST - 97% of the inv is GST.

When I did a trial of MYOB it seemed to work that it would accept an amount - not the percentage of inv - as GST.

Something must have changed as it no longer allows it.

 

If there is a better way - please let me know.

 

Regards,

Rick

Partner AlanT
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Re: How do you enter GST more than 10%

@arjay

 

Hi Rick,

 

Now that makes much more sence.

 

To handle this situation you will need to follow the technique Ian has mentioned.  Let's say you imported goods to the value of $970, but as they were paid directly, there was no GST, so you would post the payment to the supplier to the Purchases account for $970 with a tax code of NTR.

 

Then, when you paid the $97 GST via the customs agent, you would create two lines in the Bill (or spend money entry).  The two lines would be (assuming you have selected Inclusive Tax):

 

Purchases  $1067  GST

Purchases -$970 NTR

 

This will raise the correct amount of GST (at 10%) and cancel out the earlier entry where there was no GST.

 

Hope that explains it clearly.

 

Regards,

 

Alan

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