DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Deferred GST


#1

As I am registered for deferred GST, when importing goods we need to track any deferred GST and enter it as a seperate line item in our BAS.

Defered GST is a seperate line item 7A as advised by the ATO and should be entered as a credit on BAS at label 1B. I can’t see an obvious way to account for and track this specific item so it populates on the Activity Statement Report.

Can you recommend a method for doing this in Manager or best workaround?


#2

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 Settings tab.

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.


#3

Thanks Lubos,

My original purchase was inventory on hand items.

Obviously I don’t want to reverse each item individually. My thinking was to select inventory on hand without specific items selected (in place of your computer equipment example)

Will DR Cr work without selecting specific inventory on hand items? Or would I need to create another item and use this to Dr Cr the Inventory


#4

Thanks Lubos. Works exactly as I needed. Thanks for the amazingly quick response and solution and for it being on the weekend.