What tax code do I use for creditcard purchase interest, NCG or NCF?
Courtenay
Member Posts: 7 Novice Member
Not sure what bank fees & creditcard fees/interest etc include GST or not! Have amounts coming up in my CAF column on tax summary and just want to make sure they are right...
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Comments
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In general terms the ATO mostly regard these items as Input Taxed Supplies so whilst you could use the NCF code, it is probably more correct to use the "NCI code - Non-cap Acq. - for making Input Taxed Supplies" as per the Reckon Tax Item List. There will of course be instances where a bank charge does include GST and, in the case of Westpac, they issue a Tax Invoice to cater for this and so in those instances NCG would be applicable.. John L G3
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