Chapter 2: GST Basics

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Computer Accounting using MYOB Business Software
8e
Chapter 2 GST Basics
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Figure 2.1 Example of value added supply chain
Manufacturer sells a fridge for 800 plus GST to
a retailer. Collects 80 for the GST.
80 GST sent to ATO
40 GST sent to ATO
Retailer sells the fridge to a family for 1,200
plus GST. Collects 120 for the GST.
Family as the final consumer pays the total 120
GST
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Figure 2.2 Example of GST-free export
Manufacturer sells a fridge for 800 plus GST to
a wholesaler. Collects 80 for the GST.
80 GST sent to ATO
80 refund from ATO
Wholesaler sells and exports the fridge to a
customer in New Zealand for 1,200. No GST paid
as this is a GST-free export.
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Figure 2.3 Residential rent as an Input Taxed
Supply
Painter paints flat and charges the landlord
5,000 plus GST. Collects 500 for the GST.
500 GST sent to ATO
Landlord rents the residential flat out at 1,400
per month with no GST.
No credit to the landlord for the 500 GST paid
to the painter
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Figure 2.4 New tax code for export sales
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Figure 2.5 Selecting a GST code for an Item
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Figure 2.6 EXP and FRE tax codes for an overseas
customer
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Figure 2.7 An example of a tax-inclusive cheque
Tax Inclusive box ticked (on)
Amount includes the GST (80 plus 8 GST)
GST shown in gray
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Figure 2.8 Recap Transaction window for a cheque
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Figure 2.9 An example of a tax-exclusive cheque
Tax Inclusive box not ticked (off)
Amount excludes the GST (80 cost only)
GST 8 added
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Figure 2.10 Bill for purchase of items on credit
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Figure 2.11 Invoice for sale of items on credit
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Figure 2.12 Input-taxed residential rent
received and deposited
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Figure 2.13 A tax-inclusive cheque paying for
advertising
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Figure 2.14 The Recap Transaction window for
cheque paying advertising
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Figure 2.15 Cheque drawn to pay June tax amounts
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Figure 2.16 GST report selected from list
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Figure 2.17 Report Customisation windowAdvanced
Filters tab
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Figure 2.18 Report Customisation
windowFinishing tab