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Richard
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 Posted: Tue Jun 10, 2008 4:11 pm Post subject: Australian GST Summaries |
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In order to complete last years "Annual GST information report" I need to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around how to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I add to
figure out G10 & G11 for the year.
Thx in advance |
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Bob Williams
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| Posted: Tue Jun 10, 2008 4:31 pm Post subject: Re: Australian GST Summaries |
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In article <y-Sdne9tZpUMw9PVnZ2dnUVZ_t7inZ2d@posted.internode>,
someone@microsoft.com says...
| Quote: |
In order to complete last years "Annual GST information report" I need to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around how to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I add to
figure out G10 & G11 for the year.
Thx in advance
Richard |
Have you been using the tax codes (GST for sales with GST, FRE for GST
sales, INP for input taxed sales such as interest, residential rent,
NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
GST in the price, NCI/CAI for acquisitions made for the purpose of
making input taxed supplies)? Not to mention if you have wine taxes as
well to deal with.
If you have been using the codes, then go to Reports>Tax to find the
suite of tax reports to help you prepare you BAS/Annual Summary. They
include a facsimile of a simplified BAS form (each of the buttons needs
to be clicked and the appropriate codes selected).
You need a routine to reconcile your entries to your paper records and
to make sure all your codes are correctly recorded.
The BAS form itself will only work for a quarter, but you can get the
Tax Summary and Tax Detail reports to work for a 12 month period.
Make sure that your tax preferences match your registration condition
(cash or non-cash)
If you have not used the codes correctly or at all, you will need to
either first correct/enter the codes or you will have to use something
like the General Ledger report to calculate your requirements.
Or you might like to get some help from your accountant or a QuickBooks
expert who know their way around these issues.
Bob Williams |
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Bob Williams
Guest
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| Posted: Tue Jun 10, 2008 4:42 pm Post subject: Re: Australian GST Summaries |
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|
In article <MPG.22b9113a83ef0dba989680@news-server.bigpond.net.au>,
osmondridge@gmail.com says...
| Quote: |
In article <y-Sdne9tZpUMw9PVnZ2dnUVZ_t7inZ2d@posted.internode>,
someone@microsoft.com says...
In order to complete last years "Annual GST information report" I need to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around how to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I add to
figure out G10 & G11 for the year.
Thx in advance
Richard
Have you been using the tax codes (GST for sales with GST, FRE for GST
sales, INP for input taxed sales such as interest, residential rent,
NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
GST in the price, NCI/CAI for acquisitions made for the purpose of
making input taxed supplies)? Not to mention if you have wine taxes as
well to deal with.
If you have been using the codes, then go to Reports>Tax to find the
suite of tax reports to help you prepare you BAS/Annual Summary. They
include a facsimile of a simplified BAS form (each of the buttons needs
to be clicked and the appropriate codes selected).
You need a routine to reconcile your entries to your paper records and
to make sure all your codes are correctly recorded.
The BAS form itself will only work for a quarter, but you can get the
Tax Summary and Tax Detail reports to work for a 12 month period.
Make sure that your tax preferences match your registration condition
(cash or non-cash)
If you have not used the codes correctly or at all, you will need to
either first correct/enter the codes or you will have to use something
like the General Ledger report to calculate your requirements.
Or you might like to get some help from your accountant or a QuickBooks
expert who know their way around these issues.
Bob Williams
Richard |
I should have added
Totals of the codes lead to the form labels as follows"
Value of total supplies/acquisitions (including GST)
GST, FRE, EXP, INP equals G1
EXP = G2
FRE = G3
INP = G4 (not included at this label in simplified BAS, but include in
G1 above
CAG, CAF, CAI = G10
NCG, NCF, NCI = G11
If you report G1 as exclusive, make sure you note the flag below it.
1A = GST (tax only)
1B = NCG/CAG (tax only)
You get these totals from the Tax Summary report. Go to Modify Report>
Advanced and select Non zero for columns and rows to get rid of a lot of
"noise", and Gross to help with the final numbers.
Hope this helps.
Bob Williams |
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Bob Williams
Guest
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| Posted: Tue Jun 10, 2008 5:35 pm Post subject: Re: Australian GST Summaries |
|
|
In article <Z5KdndtUcodm79PVnZ2dnUVZ_u2dnZ2d@posted.internode>,
someone@microsoft.com says...
| Quote: |
"Bob Williams" <osmondridge@gmail.com> wrote in message
news:MPG.22b9139cb4e531ae989681@news-server.bigpond.net.au...
In article <MPG.22b9113a83ef0dba989680@news-server.bigpond.net.au>,
osmondridge@gmail.com says...
In article <y-Sdne9tZpUMw9PVnZ2dnUVZ_t7inZ2d@posted.internode>,
someone@microsoft.com says...
In order to complete last years "Annual GST information report" I need
to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around how
to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I add
to
figure out G10 & G11 for the year.
Thx in advance
Richard
Have you been using the tax codes (GST for sales with GST, FRE for GST
sales, INP for input taxed sales such as interest, residential rent,
NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
GST in the price, NCI/CAI for acquisitions made for the purpose of
making input taxed supplies)? Not to mention if you have wine taxes as
well to deal with.
If you have been using the codes, then go to Reports>Tax to find the
suite of tax reports to help you prepare you BAS/Annual Summary. They
include a facsimile of a simplified BAS form (each of the buttons needs
to be clicked and the appropriate codes selected).
You need a routine to reconcile your entries to your paper records and
to make sure all your codes are correctly recorded.
The BAS form itself will only work for a quarter, but you can get the
Tax Summary and Tax Detail reports to work for a 12 month period.
Make sure that your tax preferences match your registration condition
(cash or non-cash)
If you have not used the codes correctly or at all, you will need to
either first correct/enter the codes or you will have to use something
like the General Ledger report to calculate your requirements.
Richard |
Did my second post help??
Try the Tax Summary Report first. But you need to have used the tax
codes in the transactions.
If not, you will probably need some professional advice to extract the
data.
Contact me off group on bobatosmondridgedotcomdotau
Remove the obvious and replace with the usual symbols.
Bob
Bob |
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Richard
Guest
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| Posted: Tue Jun 10, 2008 5:38 pm Post subject: Re: Australian GST Summaries |
|
|
"Bob Williams" <osmondridge@gmail.com> wrote in message
news:MPG.22b9139cb4e531ae989681@news-server.bigpond.net.au...
| Quote: |
In article <MPG.22b9113a83ef0dba989680@news-server.bigpond.net.au>,
osmondridge@gmail.com says...
In article <y-Sdne9tZpUMw9PVnZ2dnUVZ_t7inZ2d@posted.internode>,
someone@microsoft.com says...
In order to complete last years "Annual GST information report" I need
to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around how
to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I add
to
figure out G10 & G11 for the year.
Thx in advance
Richard
Have you been using the tax codes (GST for sales with GST, FRE for GST
sales, INP for input taxed sales such as interest, residential rent,
NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
GST in the price, NCI/CAI for acquisitions made for the purpose of
making input taxed supplies)? Not to mention if you have wine taxes as
well to deal with.
If you have been using the codes, then go to Reports>Tax to find the
suite of tax reports to help you prepare you BAS/Annual Summary. They
include a facsimile of a simplified BAS form (each of the buttons needs
to be clicked and the appropriate codes selected).
You need a routine to reconcile your entries to your paper records and
to make sure all your codes are correctly recorded.
The BAS form itself will only work for a quarter, but you can get the
Tax Summary and Tax Detail reports to work for a 12 month period.
Make sure that your tax preferences match your registration condition
(cash or non-cash)
If you have not used the codes correctly or at all, you will need to
either first correct/enter the codes or you will have to use something
like the General Ledger report to calculate your requirements.
Or you might like to get some help from your accountant or a QuickBooks
expert who know their way around these issues.
Bob Williams
Richard
I should have added
Totals of the codes lead to the form labels as follows"
Value of total supplies/acquisitions (including GST)
GST, FRE, EXP, INP equals G1
EXP = G2
FRE = G3
INP = G4 (not included at this label in simplified BAS, but include in
G1 above
CAG, CAF, CAI = G10
NCG, NCF, NCI = G11
If you report G1 as exclusive, make sure you note the flag below it.
1A = GST (tax only)
1B = NCG/CAG (tax only)
You get these totals from the Tax Summary report. Go to Modify Report
Advanced and select Non zero for columns and rows to get rid of a lot of
"noise", and Gross to help with the final numbers.
Hope this helps.
Bob Williams
|
Hi Bob
Thanks (I think ;-) )
1. I don't deal or sell in wine.
2. I use GST for sales
3. I use NCF & NCG for purchases.
4. The Accountant does the rest.
However ( & This is my prob) he has left me to do the summaries for my 2
companies.
He did give me the numbers for G10 & G11 for one companies form. I jsut
can't work out how he arrived at
those numbers so I can apply same process to company #2's GST Summary.
I'm afaid after reading your info a couple of times, I suspect your thinking
in a lot more depth than I need?
I just want to figure out what report I need to run & which items I need to
add together to get the GST annual report done.
If what your suggesting is correct, no wonder small business in this country
is dieing under the weight of the ATO paper shuffle :-0
Any chance you can simplify it a little for me. FWIW we do CASH basis for
GST. A small retail shop, buying things in & reselling them
We have bought a couple of appliances which are being depreciated.
Thx in advance |
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Bob Williams
Guest
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| Posted: Tue Jun 10, 2008 5:56 pm Post subject: Re: Australian GST Summaries |
|
|
In article <p-CdnRLEAJ_L5dPVnZ2dnUVZ_uudnZ2d@posted.internode>,
someone@microsoft.com says...
| Quote: |
"Bob Williams" <osmondridge@gmail.com> wrote in message
news:MPG.22b9202476d3722c989682@news-server.bigpond.net.au...
In article <Z5KdndtUcodm79PVnZ2dnUVZ_u2dnZ2d@posted.internode>,
someone@microsoft.com says...
"Bob Williams" <osmondridge@gmail.com> wrote in message
news:MPG.22b9139cb4e531ae989681@news-server.bigpond.net.au...
In article <MPG.22b9113a83ef0dba989680@news-server.bigpond.net.au>,
osmondridge@gmail.com says...
In article <y-Sdne9tZpUMw9PVnZ2dnUVZ_t7inZ2d@posted.internode>,
someone@microsoft.com says...
In order to complete last years "Annual GST information report" I
need
to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around
how
to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I
add
to
figure out G10 & G11 for the year.
Thx in advance
Richard
Have you been using the tax codes (GST for sales with GST, FRE for GST
sales, INP for input taxed sales such as interest, residential rent,
NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
GST in the price, NCI/CAI for acquisitions made for the purpose of
making input taxed supplies)? Not to mention if you have wine taxes as
well to deal with.
If you have been using the codes, then go to Reports>Tax to find the
suite of tax reports to help you prepare you BAS/Annual Summary. They
include a facsimile of a simplified BAS form (each of the buttons
needs
to be clicked and the appropriate codes selected).
You need a routine to reconcile your entries to your paper records and
to make sure all your codes are correctly recorded.
The BAS form itself will only work for a quarter, but you can get the
Richard |
If you make an error on the BAS make sure it is in their favour!!
The pain of it is the other way is not worth it.
You might find it worth getting someone to check your work after it is
done and dusted.
Bob |
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Richard
Guest
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| Posted: Tue Jun 10, 2008 6:01 pm Post subject: Re: Australian GST Summaries |
|
|
"Bob Williams" <osmondridge@gmail.com> wrote in message
news:MPG.22b9202476d3722c989682@news-server.bigpond.net.au...
| Quote: |
In article <Z5KdndtUcodm79PVnZ2dnUVZ_u2dnZ2d@posted.internode>,
someone@microsoft.com says...
"Bob Williams" <osmondridge@gmail.com> wrote in message
news:MPG.22b9139cb4e531ae989681@news-server.bigpond.net.au...
In article <MPG.22b9113a83ef0dba989680@news-server.bigpond.net.au>,
osmondridge@gmail.com says...
In article <y-Sdne9tZpUMw9PVnZ2dnUVZ_t7inZ2d@posted.internode>,
someone@microsoft.com says...
In order to complete last years "Annual GST information report" I
need
to
put G2, G3, G10 & G11 numbers on the form.
I know G2 & G3 are $0 for last year. But I can't get my head around
how
to
obtain the G10 & G11 amounts.
What report do I use? or What items on a Balance sheet / P7L do I
add
to
figure out G10 & G11 for the year.
Thx in advance
Richard
Have you been using the tax codes (GST for sales with GST, FRE for GST
sales, INP for input taxed sales such as interest, residential rent,
NCG/CAG for creditable acquisitions, NCF/CAF for acquisitions with no
GST in the price, NCI/CAI for acquisitions made for the purpose of
making input taxed supplies)? Not to mention if you have wine taxes as
well to deal with.
If you have been using the codes, then go to Reports>Tax to find the
suite of tax reports to help you prepare you BAS/Annual Summary. They
include a facsimile of a simplified BAS form (each of the buttons
needs
to be clicked and the appropriate codes selected).
You need a routine to reconcile your entries to your paper records and
to make sure all your codes are correctly recorded.
The BAS form itself will only work for a quarter, but you can get the
Tax Summary and Tax Detail reports to work for a 12 month period.
Make sure that your tax preferences match your registration condition
(cash or non-cash)
If you have not used the codes correctly or at all, you will need to
either first correct/enter the codes or you will have to use something
like the General Ledger report to calculate your requirements.
Richard
Did my second post help??
Try the Tax Summary Report first. But you need to have used the tax
codes in the transactions.
If not, you will probably need some professional advice to extract the
data.
Contact me off group on bobatosmondridgedotcomdotau
Remove the obvious and replace with the usual symbols.
Bob
Bob
|
Hi Bob
I was just working through what I think(?) you said in your 2nd post.
I've not used that report before as it always showed 0's. (I just thought it
was a sample report or something)
Anyhow I just put your codes in and ended up with accountants number for G10
& G11 was close & within $400 of the figure the accountant gave me.
I know this will horrify you (as an accountant) but +/- $400 on G11 is good
enough for me. I'll do this process for the other company & get some
numbers for G10 & G11.
They will have to be closer than the totals I was getting from the dart
board. (& if ATO want $500 i'll send them a chq. - maybe I should just add
$400 to G11 right now.)
Thx for your assistance. |
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