What tax code do I use for creditcard purchase interest, NCG or NCF?

Courtenay
Courtenay Member Posts: 7 Novice Member Novice Member
edited October 11 in Accounts Hosted
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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  • Unknown
    Unknown
    edited August 2019
    This content has been removed.
  • John Graetz
    John Graetz Member Posts: 1,663 Reckon Star Reckon Star
    edited July 2020
    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 G  
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