GST accountant questions (was Re: Inventory and GST)

[George Osvald]

>In Australia, 
>from memory, on tax invoices (invoices where GST is involved), the 
>amount of the GST must be shown when requested by a customer, if the 
>purchase is under 50 AUD,

Not true. You are not required to issue a tax invoice for amounts of less then 
$50. You can simply give a cash receipt.

>and, for purchases over 50AUD, where GST is 
>involved, the amount of the GST must be shown on each invoice. 

Not true. The amount of GST MUST be shown only on tax invoices of $1000 or 
more or Tax invoices showing both GST-taxable and GST free items. For amounts 
of less then $1000 you can simply have a "Total price including GST"


>.................................GST charged for a reportable 
>period, is that percentage of total turnover, and the business then pays 
>the tax department, that percentage of its taxable turnover for the 
>period (Note: this is nothing to do with profit, or taxable profit; this 
>is only the sales tax payable on the turnover).

In Australia there is no sales tax payable on assessable dealings for goods 
supplied or imported on or after 1 July 2000.

>That is why, as I said, if GnuCash is to be used for GST accounting in 
>Australia, for it to be done properly, so the user doesn't get done by 
>the tax department, for botching it up, country-specific, add-on modules 
>need to be developed, maintained, and, regularly checked, and, it is as 
>complicated as I have indicated.

Can you please promise not to get involved in that development?




-- 
Regards,

George Osvald
OK Studio
http://www.okstudio.com.au
Email: mail at okstudio.com.au