What tax code to use for business not registered with GST to purchase fixed asset?

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What tax code to use for business not registered with GST to purchase fixed asset?

Dear all,

 

I am setting up the account list for a business not registered with GST. What type of tax code should I use for those fixed asset at cost accounts? Thanks for your advise in advance.

 

Regards

Olive1 

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Re: What tax code to use for business not registered with GST to purchase fixed asset?

@Olive1 

 

Under Simpler BAS, there is only 2 GST codes ie GST and N-T.

 

If a business is not registered for GST - GST code will not be used.

This applies to all transactions (whether cash inflow or cash outflow).

 

In Australia, I understand Fixed Assets should be called Non-Current Assets.

 

Hope this helps.

 

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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Re: What tax code to use for business not registered with GST to purchase fixed asset?

@DuncanS . Yes, the "fixed asset" I writen in the question means non-current asset such as plant and equipment etc. Now I know what code to set up. Thank you very much, 

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