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Computer Accounting using MYOB Business Software 8e. Chapter 2: GST Basics. Figure 2.1: Example of value added supply chain. Manufacturer sells a fridge for $800 plus GST to a retailer. Collects $80 for the GST. $80 GST sent to ATO. $40 GST sent to ATO.
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Computer Accounting using MYOB Business Software 8e Chapter 2: GST Basics Chapter 2: GST basics
Figure 2.1: Example of value added supply chain Manufacturer sells a fridge for $800 plus GST to a retailer. Collects $80 for the GST. $80 GST sent to ATO $40 GST sent to ATO 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 Chapter 2: GST basics
Figure 2.2: Example of GST-free export Manufacturer sells a fridge for $800 plus GST to a wholesaler. Collects $80 for the GST. $80 GST sent to ATO $80 refund from ATO 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. Chapter 2: GST basics
Figure 2.3: Residential rent as an Input Taxed Supply Painter paints flat and charges the landlord $5,000 plus GST. Collects $500 for the GST. $500 GST sent to ATO 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 Chapter 2: GST basics
Figure 2.4: New tax code for export sales Chapter 2: GST basics
Figure 2.5: Selecting a GST code for an Item Chapter 2: GST basics
Figure 2.6: EXP and FRE tax codes for an overseas customer Chapter 2: GST basics
Figure 2.7: An example of a tax-inclusive cheque Tax Inclusive box ticked (on) Amount includes the GST ($80 plus $8 GST) GST shown in gray Chapter 2: GST basics
Figure 2.8: Recap Transaction window for a cheque Chapter 2: GST basics
Figure 2.9: An example of a tax-exclusive cheque Tax Inclusive box not ticked (off) Amount excludes the GST ($80 cost only) GST $8 added Chapter 2: GST basics
Figure 2.10: Bill for purchase of items on credit Chapter 2: GST basics
Figure 2.11: Invoice for sale of items on credit Chapter 2: GST basics
Figure 2.12: Input-taxed residential rent received and deposited Chapter 2: GST basics
Figure 2.13: A tax-inclusive cheque paying for advertising Chapter 2: GST basics
Figure 2.14: The Recap Transaction window for cheque paying advertising Chapter 2: GST basics
Figure 2.15: Cheque drawn to pay June tax amounts Chapter 2: GST basics
Figure 2.16: GST report selected from list Chapter 2: GST basics
Figure 2.17: Report Customisation window—Advanced Filters tab Chapter 2: GST basics
Figure 2.18: Report Customisation window—Finishing tab Chapter 2: GST basics
