BecSter
Experienced Cover User
Joined 9 years ago
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Removing GST to calculate profit on a joint job
Hi all, I've just completed a job that has been shared between myself and another subcontractor. We have agreed to split the profit 50/50. We have both incurred some expenses (not the same amount) that needs to be taken into account before working out the 50/50 split. We are both registered for GST and everything we earn and purchase has GST. When working out the split, I'm confused about how to do it in terms of removing or including the GST. I will be paid the full amount and then my partner will invoice me for the 50% once I work out what it is.34Views0likes1CommentOne-off super contribution for owner
Hi, I need to account for a one-off super contribution for the director of the company. He takes his wages as drawings currently as needed. Should I set him up as an employee and do a void payroll to account for the super and then use Pay Liabilities to record the BPAY payment already made? I'm not expecting to do this often. Is there a better way to account for it? Thanks318Views0likes1Comment