Australian GST- Time to pay up

[Elizabeth Dodd]

On Thu, 1 Sep 2005 21:01, Maf. King wrote:
> Well, the transaction I use to pay UK VAT looks something like (viewed in
> the bank account register):
> VAT:OutputTax (my sales) :  dep 5000
> Bank:Current (the payment): cr:2000
> VAT:InputTax (my purchases): cr 3000
>
> That has the effect of reducing what you owe by cancelling out what they
> owe you.
We are supposed to report total sales/ major purchases/ minor purchases and 
then calculate the tax 
i put in the tax, multiply it by 11 and claim that as the sales or purchases. 
the reporting required doesn't fit with a computerised accounting system in 
which you add up each unit of tax paid and collected and remit it (our tax 
office is known for making the simple as complex as possible)
liz

-- 
Man's reach must exceed his grasp, for why else the heavens?