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Tax code for Stamp Duty

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Trusted Cover User LCrowhurst
235 Posts
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Australia
LCrowhurst
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Tax code for Stamp Duty

we purchased warranty renewal for our car last year. part of this renewal had Stamp Duty...

 

so Premium Excl Gov Charges: $1313.55

GST $131.55

Stamp Duty: $72.75

Grosss Premium $1517.15 plus 12% fee $181.06 =$1699.21 /12 months 

 

Monthly installment $141.60 including $12.26 GST $6.74 Stamp duty

 

I know the stamp duty has no fee. 

what accounts do i file these under expense? 

thanks 

(also have to enter home business insurance which also has Stamp duty attached so would the same thing apply? 

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Partner AlanT
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AlanT
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Re: Tax code for Stamp Duty

@LCrowhurst

 

Hi Laurance,

 

Is your question about how to account for the GST component being less that 1/11th of the total amount?  If so, this thread should help...

 

http://community.myob.com/t5/AccountRight-Sales-and-purchases/how-to-enter-stamp-duty-of-an-insuranc...

 

The above is dealing with AcccountRight, but the principle is the same.

 

If your question is about how to record that you are financing an insurance poilcy, you can create a current liability account (I usually create this as a credit card type) and pay the insurance from this credit card for the full amount including the finance fee.

 

So, it will include the Premium with GST to the expense item Insurance, the stamp duty with the FRE tax code to the expense Insurance and the finance fee (assuming it is interest without GST ) to the expense account Interest Tax code FRE.

 

Then, as you make each payment, you can treat it as a transfer from your main account to the liability account.

 

Hope this helps,

 

Alan

Trusted Cover User LCrowhurst
235 Posts
Trusted Cover User
Australia
LCrowhurst
Trusted Cover User

235Posts

24Kudos

2Solutions

Re: Tax code for Stamp Duty

Hi Alan

 

did you get my PM yestyerday? 

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