The Most Common GST Tax Codes : NOTE: If the (PAYER) Entity is Not registered for GST do NOT

use this Table. GST = Taxable Supplies GNR = GST Not registered code. Ie An ABN held but no GST collected. GN2 or NOA = Voluntary withholdings 48.5 % - if no ABN held by a payee. GCA = Taxable Capital Expenditure NT = Not Taxed INP = Input Taxed supply ITS = Input Taxed Sales - eg Residential rents or interest income Free - Free of GST NTD = Non-tax deductible - no QUE = not sure of GST - raise query with ITax Solutions -by email? CODE LABEL INCOME Income Interest Income Fringe benefit reimbursements GST if registered generally ITS GST ! - but could be ITS (eg Residential rent or interest income) Care re INP expenses Employee reimbursements re say car fringe benefits by 31 March A GST liability arises even if journalised. GST Code NOTES - Description/ Explanation

EXPENSES : Advertising Accountancy Bank Charges Bank -Merchant fees Bookkeeping Courier Commissions Computer expenses GST GST N-T GST GST GST GST, GNR or QUE Care to ensure a TAx Invoice has been received ! GST newspaper adverts, brochures & other media professional fees for accounting Transaction fees but care as some bank service fees (eg merchant fees) include GST -check your statements credit card merchant fees fees for bookkeeper if external monies paid for document exchange & couriers commissions for work related expenses Seek advice here ! Is an asset account label appropriate ? This item may cover : 1. Computer consumables -floppies, CDs labels -or label as stationery 2. Software updates -but only if minor low cost seek advice here -40 % depreciation may apply - if so code as computer software fixed (depreciable) asset

Depreciation

N-T

Normally handled by Accountant - do not code any payments here -see Asset coding

Electricity Entertainment - Client - Staff Filing Fees Fines (non-deductible)

GST

electricity used for business NB May not be deductible unless FBT applies No portion allowable re staff functions but not light lunches on premises -see staff amenities- This area is complicated. Seek professional advice ! Lodgement fee for Government for Company documents eg. business names and Annual Return. fines relating to late payment for group tax or parking fines. relating employee fringe benefits - use for quarterly instalments & final payment - disability - sickness & accident

Care here as food may be FRE Restaurants GST FRE NTD

Fringe Benefits Tax paid to Deputy NT Commissioner of Taxation Insurance FRE

Insurance

GST

- public liability - workers compensation

Interest expense

INP

either interest paid on overdraft per bank statements Car re interest income is a separate code see below

Lease expenses

GST or QUE care - do you have a Tax Invoice or are payments N-T ?

leasing expenses for equipment- - may be subject to GST but check documentation - petrol - insurance "green slip" now creditable

Motor Vehicle Expenses

GST except registration

- registration GST free For help see : www.myob.com.au/support/notes/gst - maintenance and repairs- lease expenses - may be subject to GST but check documents

Postage Printing & Stationery Repairs & Maintenance

GST GST GST

all monies paid for stamps, postage all monies paid for printing and stationery, business cards etc. repair of faulty equipment, eg. fixing switch on fax machine, mending broken chair, not purchasing new item of equipment.

Rent - office

GST if Landlord registered for GST - care here ! code may be INP or NT if all monies paid for leasing premises, rates & outgoing Landlord not registered for GST or 48.5 % withholding if no ABN ! FRE Milk, coffee, sugar, -GST FREE.

Staff Amenities

GST Items include: 1. Light lunches on premises (no alcohol) 2. Toiletries (soap, tissues etc) Note Tax invoices not required if less than $ 55 GST included Care Re Difference between Entertainment and Staff Amenities ! Call for advice. Seminars GST GST - registration - out of pocket expenses - Trade Associations Subscriptions GST - Professional, Business or Trade Journals - Loose-leaf technical Superannuation contributions N-T -Compulsory and optional employer contributions.

Staff Amenities

GST or FRE depending upon tax invoice

Sub-contractors

GST if subcontractor registered for GST - Care here ! Code may be "GNR" if subee" has ABN but not Gross up for any withholding. registered for GST or 48.5 % withholding if subcontractor has no ABN !

- mobile - office GST -but watch apportionment of Input tax - home credits for part busines items if sole trader - internet enterprise. -pager Travel GST GST FRE Care here GST Uniforms Wages Assets Equipment Computer Software licences GCA New items of equipment or furniture purchased for office -see Notes on Depreciation See above re computer expenses. GST N-T - Local, taxis & fares - Interstate conferences - Overseas travel - Accommodation Care here as special rules apply for deductions for uniforms. Protective clothing is treated differently. Concessions may apply to laundry. - employee wages - gross inclusive of PAYE tax.

Telephone

MYOB software only - choose your package : Premier -comprehensive multi-tasking Accounting system- for example you may have separate payroll and debtors clerks accessing the system at the same time but you may have the full picture of your enterprise by access to the general ledger Reports MYOB Accounting Plus with payroll - Not multi-tasking but security levels may be set for access to parts of the program. Accounting Plus has time costing and also a built in "BAS" emulator. It is more sophisticated in the way it can handle GST and is recommended for businesses with staff or a diversity of products or services. First Accounts - ideal for the sole trader who needs to track business progress and be ready for the GST. It is the MYOB entry level program for small businesses who do not have staff or use separate records for payroll.

DESIGN SET-UP MODULES & FEATURES Customizing the system to your business type and preferences: chart of accounts, general ledger opening balances payroll job cost set up contact cards debtors creditors inventory

TRAINING AND SUPPORT

To get you off to a flying start we can tailor a schedule to suit your needs.

We are able to bundle skilled bookkeeping services and taxation advisory within a training package to suit your needs.