Computer Accounting using MYOB (7 th Edition) William Neish & George Kahwati Chapter 2: GST for MYOB Accounting Plus 1 Chapter 2: GST Basics.

Chapter 2: GST for MYOB Accounting Plus 1

Computer Accounting using MYOB (7th Edition)William Neish & George Kahwati

Chapter 2: GST Basics



Manufacturer sells a fridge for $800 plus GST to a retailer. Collects $80 for the GST

Retailer sells the fridge to a family for $1,200 plus GST. Collects $120 for the GST

Family as the final consumer pays the total $120 GST

$80 GST sent to ATO

$40 GST sent to ATO

Figure 2.1: Example of value added supply chain



Manufacturer sells a fridge for $800 plus GST to a wholesaler. Collects $80 for the GST

Wholesaler sells and exports the fridge to a customer in New Zealand for $1,200. No GST paid as this is a GST-free export

$80 GST sent to ATO

$80 Refund from ATO

Figure 2.2: Example of GST-free export



Painter paints flat and charges the landlord $5,000 plus GST. Collects $500 for the GST

Landlord rents the residential flat out at $1,400 per month with no GST

No credit to the landlord for the $500 GST paid to the painter

$500 GST sent to ATO

Figure 2.3: Residential rent as an Input Taxed Supply



Figure 2.4: GST section of the BAS Information set up



Figure 2.5: Option 1 – GST Calculated and reported quarterly



Figure 2.6: Option 2 – GST Calculated and reported annually



Figure 2.7: Option 3 – Pay GST Instalment Amount



Figure 2.8: Summary of quarterly tax obligations on BAS



Figure 2.9: GST calculation worksheet for BAS

GST calculation worksheet for BAS Tax Period

(if you want to use the calculation sheet method to

work out GST amounts) Name

G1 Total sales (including any GST) G1 $ .00

G2 Export sales G2 $ .00

G3 Other GST-free sales G3 $ .00

G4 Input taxed sales G4 $ .00

G5 G2 + G3 + G4 G5 $ .00

G6 G6 $ .00

G7 Adjustments (if applicable) G7 $ .00

G8 G8 $ .00

G9 GST on sales (G8 divided by 11) G9 $ .00

G10 G10 $ .00

G11 G11 $ .00

G12 G10 + G11 G12 $ .00

G13 Purchases for making input taxed sales G13 $ .00

G14 Purchases without GST in the price G14 $ .00

G15 G15 $ .00

G16 G13 + G14 + G15 G16 $ .00

G17 G17 $ .00

G18 Adjustments (if applicable) G18 $ .00

G19 G19 $ .00

G20 GST on purchases (G19 divided by 11) G20 $ .00

Total sales subject to GST(G1 minus G5)

Total sales subject to GST after adjustments(G6 + G7)

Total purchases subjetc to GST afteradjustments (G17 + G18)

Capital purchases(including any GST)

Non-capital purchases(including any GST)

Estimated purchases for private useor not income tax deductible

Total purchases subject to GST(G12 minus G16)

Do not lodge the calculation sheet with your BASWe recommend you file it with a copy of the BAS to which it relates

GST amounts you owe the ATO from sales

G1 on the BAS

G2 on the BAS

G3 on the BAS

1A in summary on the BAS

GST amounts the ATO owes you from purchases

G10 on the BAS

G11 on the BAS

1B in summary on the BAS

Calculation sheets in the old column style are available from www.taxreform.ato.gov.au or call 13 24 78



Figure 2.10: New Tax Code for Export Sales



Figure 2.11: Selecting a GST code for an Item



Figure 2.12: Credit terms and tax code for a customer



Figure 2.13: An example of a Tax-inclusive cheque

Amount includes the GST($80 plus $8 GST)

GST shown in gray

Tax Inclusive box Ticked (On)



Figure 2.14: Recap Transaction window for a cheque



Figure 2.15: An example of a tax-exclusive cheque

Amount excludes the GST($80 cost only)

GST $8 added

Tax Inclusive box Not Ticked (Off)



Figure 2.16: Bill for purchase of items on credit



Figure 2.17: Invoice for sale of items on credit



Figure 2.18: Input taxed residential rent received and deposited



Figure 2.19: A tax-inclusive cheque paying for advertising



Figure 2.20: The Recap Transaction window for cheque paying advertising



Figure 2.21: Cheque drawn to pay June tax amounts



Figure 2.22: GST report selected from list



Figure 2.23: Report Customisation window for a GST report



Figure 2.24: Completed GST calculation worksheet for BAS



Figure 2.25: Option 1 on front page of BAS



Figure 2.26: The BAS Information window



Figure 2.27: Field Setup for GST code G1



Figure 2.28: Front sheet for BASlink Business Activity Statement



Figure 2.29: Back Sheet for BASlink Business Activity Statement



Figure 2.30: Sample payment prepared by BASlink

Computer Accounting using MYOB (7 th Edition) William Neish & George Kahwati Chapter 2: GST for MYOB Accounting Plus 1 Chapter 2: GST Basics.

Documents

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example of gst

computer accounting

gst landlord

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gst wholesaler