Chapter 2: GST Basics
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Transcript of Chapter 2: GST Basics
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Chapter 2: GST basics 2-1
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
Chapter 2: GST Basics
Computer Accounting using MYOB Business Software
8e
![Page 2: Chapter 2: GST Basics](https://reader035.fdocuments.net/reader035/viewer/2022062223/5681675e550346895ddc2f60/html5/thumbnails/2.jpg)
Chapter 2: GST basics 2-2
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
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
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Chapter 2: GST basics 2-3
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
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
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Chapter 2: GST basics 2-4
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
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
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Chapter 2: GST basics 2-5
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
Figure 2.4: New tax code for export sales
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Chapter 2: GST basics 2-6
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Figure 2.5: Selecting a GST code for an Item
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Chapter 2: GST basics 2-7
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
Figure 2.6: EXP and FRE tax codes for an overseas customer
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Chapter 2: GST basics 2-8
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
Figure 2.7: An example of a tax-inclusive cheque
Amount includes the GST ($80 plus $8 GST)
GST shown in gray
Tax Inclusive box ticked (on)
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Chapter 2: GST basics 2-9
PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati
Figure 2.8: Recap Transaction window for a cheque
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Chapter 2: GST basics 2-10
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Figure 2.9: An example of a tax-exclusive cheque
Amount excludes the GST ($80 cost only)
GST $8 added
Tax Inclusive box not ticked (off)
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Chapter 2: GST basics 2-11
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Figure 2.10: Bill for purchase of items on credit
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Chapter 2: GST basics 2-12
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Figure 2.11: Invoice for sale of items on credit
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Chapter 2: GST basics 2-13
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Figure 2.12: Input-taxed residential rent received and deposited
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Chapter 2: GST basics 2-14
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Figure 2.13: A tax-inclusive cheque paying for advertising
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Chapter 2: GST basics 2-15
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Figure 2.14: The Recap Transaction window for cheque paying advertising
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Chapter 2: GST basics 2-16
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Figure 2.15: Cheque drawn to pay June tax amounts
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Chapter 2: GST basics 2-17
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Figure 2.16: GST report selected from list
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Chapter 2: GST basics 2-18
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Figure 2.17: Report Customisation window—Advanced Filters tab
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Chapter 2: GST basics 2-19
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Figure 2.18: Report Customisation window—Finishing tab