PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-1 Chapter 2: GST Basics Computer Accounting.

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Presentation transcript:

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-1 Chapter 2: GST Basics Computer Accounting using MYOB Business Software 8e

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-2 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

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-3 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

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-4 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

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-5 Figure 2.4: New tax code for export sales

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-6 Figure 2.5: Selecting a GST code for an Item

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-7 Figure 2.6: EXP and FRE tax codes for an overseas customer

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-8 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)

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-9 Figure 2.8: Recap Transaction window for a cheque

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-10 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)

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-11 Figure 2.10: Bill for purchase of items on credit

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-12 Figure 2.11: Invoice for sale of items on credit

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-13 Figure 2.12: Input-taxed residential rent received and deposited

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-14 Figure 2.13: A tax-inclusive cheque paying for advertising

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-15 Figure 2.14: The Recap Transaction window for cheque paying advertising

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-16 Figure 2.15: Cheque drawn to pay June tax amounts

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-17 Figure 2.16: GST report selected from list

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-18 Figure 2.17: Report Customisation window—Advanced Filters tab

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati Chapter 2: GST basics2-19 Figure 2.18: Report Customisation window—Finishing tab

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