MYOBCommunity
Partner Zone
|
|
Partner Zone

GST reporting for Stakes monies

This thread is now closed to new comments.
Some of the links provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Contributing Partner BigDreams
9 Posts
Contributing Partner
New Zealand
BigDreams
Contributing Partner

9Posts

0Kudos

0Solutions

GST reporting for Stakes monies

Also we receive an invoice from the trainer on his stakemonies earned from the Greyhounds (several of the trainer are GST registered, some are not) the invoice shows the stake monies earned inclusive of the GST, but the GST is owed to the trainer from the club.

How do you record the GST payment to the trainer, should a special GST code be set up for this payment .

 

We also receive Buyer Created Tax Invoice which indicates GST is claimed on Oncourse Turnover, however, the Raceday settlement summary shows the following

 

Funding on Stakes

Funding on 16% Ontrack turnover

Funding - Event Service fee  and

Funding on 5% FOB Ontrack turnover

 

These amounts appear to be GST exclusive

 

What is correct procedure as I have tried to locate specific actions on internet to no avail,  and my local accountant does not have any clients in the racing industry

 

HELP would be appreciated.

Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post