Australian taxes

[Charles Day]

On Sun, Jan 11, 2009 at 1:50 PM, Raphaël Maville <rafmav at wanadoo.fr> wrote:

> Please,
>
> What does mean GST and ATO ?
>

GST = Goods & Services Tax (Australia's VAT)
ATO = Australian Taxation Office (Australia's IRS)


>
> Thanks!
>

-Charles


>
> Le dimanche 11 janvier 2009 à 20:56 +1100, Andrew Greig a écrit :
> > 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
> > >
> >
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