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