Gnucxash_2008-03-26

[viewnz at paradise.net.nz]

Derek says: So... is there a question in here somewhere?

Answer: This email contains the facts for the previous email I sent to you Derek

Quoting Derek Atkins <warlord at MIT.EDU>:

> Hi,
> 
> Please remember to CC gnucash-user on all replies using your
> mailer's Reply-To-List or Reply-All functionality.
> 
> viewnz at paradise.net.nz writes:
> 
> > H Derek from Leo, some info on how GST works for New Zealand. New
> Zealand Summer
> > time is +13 GMT. So we are a day ahead of most people.
> 
> That shouldn't matter for anything.
> 
> > The Goods and Services Tax is a Value-added tax that exists in a
> number of
> > countries. Please see:
> >
> > * Goods and Services Tax (Australia)
> > * Goods and Services Tax (Canada)
> > * Goods and Services Tax (Hong Kong)
> > * Goods and Services Tax (New Zealand)
> > * Goods and Services Tax (Singapore)
> 
> Yes, I understand what GST is. And I understand how it's applied.
> 
> > Goods and Services Tax (GST) is a Value Added Tax introduced in New
> Zealand on
> > October 1, 1986 at 10%, but later increased to 12.5% on June 30,
> 1989.
> >
> > End users pay this tax on all liable goods and services directly, in
> that it is
> > included in the purchase price of goods and services.
> >
> > GST registered organisations only pay GST on the difference between
> GST-liable
> > sales and GST-liable supplies (ie pay GST on the difference between
> what they
> > sell and what they buy: income less expenditure). This is accomplished
> by
> > reconciling GST received (through sales) and GST paid (through
> purchases) at
> > regular periods (typically every 2 months, with some qualifying
> companies opting
> > for 1 month or 6 month periods), then either paying the difference to
> Inland
> > Revenue Department (IRD) if the GST collected on sales is higher, or
> receiving a
> > refund from IRD if the GST paid on purchases is higher.
> >
> > Unlike most similar taxation regimes, there are few exemptions - all
> types of
> > food are taxed at the same rate, for example. Exceptions that are
> present
> > include rents collected on residential rental properties, donations
> and
> > financial services.
> >
> > Businesses exporting goods and services from New Zealand are entitled
> to
> > "zero-rate" their products - effectively, they charge GST at zero
> percent. This
> > permits the business to claim back the input GST but the eventual,
> non-New
> > Zealand based consumer does not pay the tax (businesses that produce
> GST-exempt
> > supplies are not able to claim back input GST.)
> >
> > Because businesses claim back their input GST, the GST inclusive price
> is
> > usually irrelevant for business purchasing decisions, other than in
> relation to
> > cash flow issues. Consequently, wholesalers often state prices
> exclusive of GST,
> > but must collect the full, GST-inclusive price when they make the sale
> and
> > account to the IRD for the GST so collected.
> >
> > The headline price must always be GST-inclusive in advertising and
> stores. The
> > only exceptions are for businesses which claim a mainly wholesale
> client-base.
> > Otherwise, displaying a prominent GST-exclusive price (i.e. larger and
> more
> > obvious than the GST-inclusive price), is illegal.
> 
> So... is there a question in here somewhere?
> 
> -derek
> 
> > Quoting Derek Atkins <warlord at MIT.EDU>:
> >
> >> Hi,
> >> 
> >> viewnz at paradise.net.nz writes:
> >> 
> >> > Leo wrote:
> >> >
> >> > Hi gnucash, email gnucash-user at lists.gnucash.org
> >> >
> >> > I have Two questions.
> >> >
> >> > 1. Can I run a two monthly cash book as in New Zealand we have
> >> > something called GST like UL Vat which is 12.5% and is worked on a
> >> > two monthly bases. I have had a small look through man pages and
> did
> >> > not find any information on the subjects.
> >> 
> >> Yes. The business features (Invoice/Bill/Exp Voucher) support Tax
> >> Tables and you can apply this directly to items. However there's no
> >> "automatic VAT" applied to transactions entered directly in the
> >> register.
> >> 
> >> > 2. Does gnucash automatically generate GST figures or can a plug in
> be
> >> added.
> >> 
> >> What do you mean by "GST figures"? If you mean a GST Report, then
> >> no, it doesn't currently do that but one could easily write one
> >> and plug it in.
> >> 
> >> > Leo
> >> > email: view.nz at paradise.net.nz
> >> 
> >> > Please remember to CC this list on all your replies.
> >> > You can do this by using Reply-To-List or Reply-All.
> >> 
> >> -derek
> >> 
> >> -- 
> >> Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
> >> Member, MIT Student Information Processing Board (SIPB)
> >> URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
> >> warlord at MIT.EDU PGP key available
> >> 
> >
> >
> >
> 
> -- 
>  Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>  Member, MIT Student Information Processing Board (SIPB)
>  URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
>  warlord at MIT.EDU PGP key available
>