chapter 2: gst basics

Chapter 2: GST basics 2-1

PPT slides t/a Computer Accounting using MYOB Business Software 8e by Neish and Kahwati

Chapter 2: GST Basics

Computer Accounting using MYOB Business Software

8e



Manufacturer sells a fridge for $800 plus GST to a retailer. Collects $80 for the GST.

Retailer sells the fridge to a family for $1,200 plus GST. Collects $120 for the GST.

Family as the final consumer pays the total $120 GST

$80 GST sent to ATO

$40 GST sent to ATO

Figure 2.1: Example of value added supply chain



Manufacturer sells a fridge for $800 plus GST to a wholesaler. Collects $80 for the GST.

Wholesaler sells and exports the fridge to a customer in New Zealand for $1,200. No GST paid as this is a GST-free export.

$80 GST sent to ATO

$80 refund from ATO

Figure 2.2: Example of GST-free export



Painter paints flat and charges the landlord $5,000 plus GST. Collects $500 for the GST.

Landlord rents the residential flat out at $1,400 per month with no GST.

No credit to the landlord for the $500 GST paid to the painter

$500 GST sent to ATO

Figure 2.3: Residential rent as an Input Taxed Supply



Figure 2.4: New tax code for export sales



Figure 2.5: Selecting a GST code for an Item



Figure 2.6: EXP and FRE tax codes for an overseas customer



Figure 2.7: An example of a tax-inclusive cheque

Amount includes the GST ($80 plus $8 GST)

GST shown in gray

Tax Inclusive box ticked (on)



Figure 2.8: Recap Transaction window for a cheque



Figure 2.9: An example of a tax-exclusive cheque

Amount excludes the GST ($80 cost only)

GST $8 added

Tax Inclusive box not ticked (off)



Figure 2.10: Bill for purchase of items on credit



Figure 2.11: Invoice for sale of items on credit



Figure 2.12: Input-taxed residential rent received and deposited



Figure 2.13: A tax-inclusive cheque paying for advertising



Figure 2.14: The Recap Transaction window for cheque paying advertising



Figure 2.15: Cheque drawn to pay June tax amounts



Figure 2.16: GST report selected from list



Figure 2.17: Report Customisation window—Advanced Filters tab



Figure 2.18: Report Customisation window—Finishing tab

chapter 2: gst basics

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