Australian taxes

[Andrew Greig]

I hate top posting, but here goes.

Create 2 new accounts in Liabilities,
GST Collected and GST Paid
and a new Parent account called GST Payable to ATO

In Business>Tax Table
create three new tax categories: GST Collected (set it at 10%)
GST Paid (set it at 10%) and GST Free (guess the percentage)

Then when dealing with an invoice choose whether your amount includes or
excludes GST, the difference will be immediately apparent.  The same
with bills.

When it comes to phone bills, some of it is GST free and some of it is
GST included.  To hell with them I say! and so I put the total of my
phone bill as GST included.  It's petty cash, but not worth my time to
stuff around.

The Parent account should show you what you owe the ATO.  When it comes
time to pay them you should hit the checking account and balance it with
the GST Payable to ATO account.

You can also generate a GST report by specifying the two GST accounts.
It will list every transaction for the quarter and give you Monthly
sub-totals as well as a grand total for each account.

Try and get yourself on the ATO Business Portal and do your BAS on-line,
it will check your work before submission - very nice.

Andrew Greig

Melbourne, Australia







On Sun, 2009-01-11 at 18:56 +1100, Doug Laidlaw wrote:

>From the Edit menu, you can select Tax Options and mark each account
with its corresponding Tax Question, just as Quicken does, but there
won't be a default group for Australia.  You will need to do it all
manually.

Doug.

On Sunday 11 January 2009 6:15:36 pm Kim Jones wrote:
> Hi to the list,
> I've been using GNU cash for just the better part of a month and so
I'm
> still trying to set things up and get used to it. I use at work a
program
> called MYOB (myownbuiniss)and use Quicken at home for personal finance
but
> because I've just opened a very small business its not worth the
expense to
> purchase MYOB or Quicken for my small business so GNU Cash is perfect
for
> my plans. My question is this though because I'm Australian based how
can I
> use say my Australian Tax Line assignments i.e.: GST and work taxes,
since
> from looking at each country they are somewhat different. I have been
using
> Quicken for years for my personal finances but since opening the
business I
> have GST taxes now, so how can I revert the taxes that GNU has which
is
> American into say an Australian personal and business taxes. I'm very
new
> at this so I hopefully I'll catch on sooner that later.  Hoping you
guys
> can help
> Regards
> Kim
>