I just added support for deferred GST scheme. Check the latest version (15.0.10)
First, go and add new in-built tax code called
Deferred GST 10% to your list of
Tax Codes under
When recording purchase of imported goods, don’t use any tax code (no changes here).
Once you are advised by customs, you need to record deferred GST event which means you would reverse original purchase $1,000 then add it back with GST 10% so it becomes $1,100 and the difference ($100) should be posted to
Tax payable account which means GST on this purchase will be eventually paid to ATO. It’s important you use
Deferred GST 10% tax code so Manager will include the amount in 7A line item on BAS worksheet.
When you generate BAS worksheet, you will see that
7A includes deferred GST amount and
1B also includes credit for deferred GST so these two will essentially offset eachother. Obviously you will have a lot more transactions, this just demonstrates that GST on BAS will essentially come to
0.00 if all you did was importing goods under deferred GST scheme.