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How do I create new GST code for Margin Scheme for manual entry?

Kellie_7269332

GST

Comments

Charley

The GST on a property sale is 1/11 of the total sale price; if you use the margin scheme then the GST is still 1/11 of the margin.

Unless the GST % amount (like caravan park rentals @ 5%) is different I don't see why you would need to create another GST Code

But if you need to go to lists>tax code list>new

Kellie_7269332

Hi Charles - but it is not 1/11 of the sales price and that is what we need to report on. Work around that we are using is splitting the sale into GST amount * 11 and GST Free Sale for the balance. But this will mean the BAS won't report correctly.

Charley

That's correct it's 1/11 of the margin or GST amount * 11 and then GST free (or input taxed) for the remainder, this is on purchase of property. The sale of a property would have the full amount of GST surely.

The BAS will report correctly in showing the GST gross amount (I use GST inclusive figures) and then the total GST free amount (CAF or CAI)