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
Tax code for most things that are not GST inclusive or not claimable is NCF (non capital assets which are GST free)
@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.
Agree completely Sharon
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
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
If the uniforms are logo’d or protective (eg high vis) they’ll be deductible as a business expense.
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