BAS excluded

Procasa

Hi

RECKON HOSTED USER

Can someone please help me with the tax code to put in for items purchased in a business that are tax excluded- ie uniforms with no logo can not be claimed unless PPE? What code does this fall under

Kris_Williams

Tax code for most things that are not GST inclusive or not claimable is NCF (non capital assets which are GST free)

Acctd4

@Procasa It depends on your business structure (eg sole trader v company entity type)

If the items are not deductible/a personal expense, you would allocate to Drawings (if a sole trader) or Director’s Loan (if a company) with NO tax code.

Unknown

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Procasa

Thank you @Acctd4 and @Kris_Williams its a company, I think I will put it to director loan as NCF would be an asset of some sort which i don't believe uniforms to be thank you for responding

Kris_Williams

NCF is not an asset, it’s a tax code for ordinary expenses and asset expenses on which you are not claiming GST. I would post it to the expense account of uniforms and not claim GST. I believe it’s still a tax deduction, I wouldn’t state about GST not allowed, personally I would claim it but don’t want to give you a bum steer

Acctd4

If the uniforms are logo’d or protective (eg high vis) they’ll be deductible as a business expense.