shau
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Joined 6 years ago
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Re: GST code for eBay seller fees
Julie_A_C wrote: Hi shau Steven_M Tracey_H Jesh_D If you have supplied Ebay with your ABN then you could either use Fre or create a new tax code of NT (not tax). I can't decide between the two: FRE or N-T. Is one more technically correct than the other in the case of eBay seller fees being GST-"exempt"? Are there other advantages to coding it one way or the other?2.9KViews0likes1CommentRe: GST code for eBay seller fees
Jesh_D Then don't tell me if you're not qualified, but there are plenty of accountants on here that can answer a harmless question to help out a little guy who doesn't have the resources. It's infuriating because I just called the ATO and they rejected my question and now you're directing me back to them.3KViews0likes3CommentsGST code for eBay seller fees
Since the Netflix tax was introduced by the government in July 2017, eBay has introduced clause that businesses will be exempt from paying GST on their ebay fees, if they register their business and ABN with eBay. If you’ve done this, you will not pay GST on any of your eBay fees. Source: https://www.cloudcounting.com.au/myob/to-gst-or-not-to-gst/ This being the case, what would the correct GST code be to use for eBay seller fees that have been "exempted" from GST by eBay? (No GST appears on eBay seller invoices)Solved3.2KViews0likes10CommentsHow to record a temporary customer debt?
A customer debt arises sometimes when I agree to let them pay later and deliver the goods first. Where is the option to record a customer debt against a Pay Bill which can be later converted to a payment of a bill? Or would you just not record the payment until the customer actually makes it?SolvedRe: Receiving money that is not income: credit note?
IanChait wrote: Hi shau Yes, using Owners/Shareholder's Capital is fine. Owners/Shareholder's Drawings is the account you would use if you are a Sole Trader to record any payments you have made to yourself, or personal expenses paid from the business. If the business is a company, it should not use this account, but rather a 1-XXXX or 2-XXXX account. It puts it in a different place on the Balance Sheet. Hope this helps. IanChait Thanks, Ian. I am a Sole Trader, but just for completeness of the answer for others' benefit, of the below, which account would a company equivalently use for Owners/Shareholder's Capital and Owners/Shareholder's Drawings? Account No. Account Name Current Balance 1-0000 Assets 1-1000 Current Assets 1-1100 Bank Accounts 1-1110 CBA Smart Access 1-1120 Citibank Savings Account $0.00 1-1130 Citibank Transaction Account $218.51 1-1140 Petty Cash/Cash On Hand $0.00 1-1150 BankWest Business $0.00 1-1200 Clearing Accounts $0.00 1-1210 Undeposited Funds Account $0.00 1-1220 Electronic Clearing Account $0.00 1-1230 Payroll Clearing Account $0.00 1-1240 PayPal Clearing Account $0.00 1-1300 Other Current Assets $83,485.24 1-1310 Trade Debtors $83,485.24 1-1320 Inventory $0.00 1-1330 Deposits To Suppliers $0.00 1-1340 Prepaid GST $0.00 1-1350 Voluntary Withholding Credits $0.00 1-1360 ABN Withholding Credits $0.00 1-2000 Non-Current Assets $0.00 1-2100 Furniture $0.00 1-2110 Furniture At Cost $0.00 1-2120 Accum. Depr. Furniture $0.00 1-2200 Office Equipment $0.00 1-2210 Office Equipment At Cost $0.00 1-2220 Accum. Depr. Office Equipment $0.00 1-2300 Computers $0.00 1-2310 Computers At Cost $0.00 1-2320 Accum. Depr. Computers $0.00 1-2400 Store Fittings $0.00 1-2410 Store Fittings At Cost $0.00 1-2420 Accum. Depr. Store Fittings $0.00 1-2500 Low Value Pool $0.00 1-2510 Low Value Pool At Cost $0.00 1-2520 Accum. Depr. Low Value Pool $0.00 1-2600 Buildings $0.00 1-2610 Buildings At Cost $0.00 1-2620 Accum. Depr. Buildings $0.00 1-2700 Improvements $0.00 1-2710 Improvements At Cost $0.00 1-2720 Accum. Depr. Improvements $0.00 1-2800 Leased Equipment $0.00 1-2810 Leased Equipment At Cost $0.00 1-2820 Accum. Depr. Leased Equipment $0.00 1-2900 Land $0.00 1-2910 Land At Cost $0.00 2-0000 Liabilities -$163.98 2-1000 Current Liabilities -$163.98 2-1100 Credit Cards -$551.61 2-1110 CBA Mastercard ending 4328 -$551.61 2-1200 GST Liabilities $649.92 2-1210 GST Collected $1,518.14 2-1220 GST Paid -$868.22 2-1300 Other Tax/Withholding Liab. $0.00 2-1310 Voluntary Withholdings Payable $0.00 2-1320 ABN Withholdings Payable $0.00 2-1330 Company Tax Instal. Payable $0.00 2-1340 FBT Instalments Payable $0.00 2-1360 Luxury Car Tax Payable $0.00 2-1370 Sales Tax Payable $0.00 2-1400 Payroll Liabilities $0.00 2-1410 PAYG Withholding Payable $0.00 2-1420 Superannuation Fund #1 $0.00 2-1430 Superannuation Fund #2 $0.00 2-1440 Superannuation Fund #3 $0.00 2-1450 Superannuation Fund #4 $0.00 2-1460 Superannuation Fund #5 $0.00 2-1470 Child Care Payable $0.00 2-1480 Union Fees Payable $0.00 2-1490 Other Payroll Liabilities $0.00 2-1500 Other Current Liabilities -$262.29 2-1510 Trade Creditors -$262.29 2-1520 Customer Deposits $0.00 2-1530 A/P Accrual - Inventory $0.00 2-1540 Lease On Equipment $0.00 2-1550 Liability #1 $0.00 2-1560 Liability #2 $0.00 2-1570 Credit Notes Issued $0.00 2-1580 Gift Vouchers Issued $0.00 2-1590 Lay-by Payments $0.00 2-2000 Non-Current Liabilities $0.00 2-2100 Business Loan #1 $0.00 2-2200 Business Loan #2 $0.00 2-2300 Business Loan #3 $0.00 2-2400 Business Loan #4 $0.00 Thanks.3.2KViews0likes1CommentRe: Receiving money that is not income: credit note?
IanChait Thank you - that makes sense. The 2 closest matches are: 3-1000 Owner's/Shareholder's Capital 3-2000 Owner's/Shareholder's Drawings I would guess 3-1000 is the relevant account here. Incidentally, what is the 3-2000 Owner's/Shareholder's Drawings account used for?3.4KViews0likes3CommentsRe: Receiving money that is not income: credit note?
In this case, I would rather treat it as my own money since it was given to me by my parent as a gift. In this case, how would I record it as a deposit of my own money from another account - a transfer from an external bank account?3.4KViews0likes5CommentsRe: Receiving money that is not income: credit note?
Theresa_D wrote: Hi shau Thanks for your post. In a situation like this it is best to speak with your accountant on how to handle this transaction. Feel free to use the forum if you have any other questions. Theresa_D That was really unhelpful. Not everyone can afford a tax accountant and what I'm asking is a really basic and simple question that doesn't really have any nuance.3.5KViews0likes8Comments