Aussie Tax Codes

[wbbp]

DOES ANYONE HAVE A LIST OF TAX CODES THAT WILL SUIT OUR GST, AND DOES QB7.4 REALLY HANDLE BAS STATEMENTS?

DOUG

[gibbo]

The default list that loads when you set up a QuickBooks file is all you need. However, it is unlikely that you will need more than a few of them. Just remember that you must use a different set of codes for purchases to those for sales.
The reality is that the BAS in 7.4 was really still being worked out. I would not recomment its use. There is a thread in this Australian section where I decribe the process of preparing the BAS information using reports. You need to check amounts using the Bank reconciliation and tax Codes by using a special Detail Report, then use the Tax Summary report to get the information for the BAS. A lot safer. There is the issue of payroll liabilities and how they tend to show up if both payments and amounts set aside reside in the same account.

[reuelt]

The book by Stephen O'Brien entitled

"The Guide to Quicken.com.au Quickbooks and Cashbook for the BAS, GST and PAYG Australian Edition" help me a lot since 3 years ago.

[Geoff Young]

You might find the following of some use.

I asked the same question as you on 2nd October 2002 and Marian gave me the following answer on 2nd December 2002 which I have found very helpful

"The Tax Codes required for the 'Simplified BAS" are as follows:

G1 - EXP, FRE, GST, INP, WC,WET,WGST,CDC, CDG, CDS - Can choose not to use those that don't apply to your business (eg WET- for wine producers, or EXP for exporters etc)
G2 - EXP
G3 - FRE
G10 - CAG, CAF, CAI
G11 - NCF, NCG, NCI, WC, WET, WGST, CDG, CDC, CDS

1A - EXP, FRE, GST, INP
1C - WET
1B - CAG, CAF, CAI, NCF, NCG, NCI

W1- Labour Gross Wages
W2 - Group Tax Payable

I have Quickbooks Pro 2002 with Payroll 2002 (which I export to Quickbooks Pro).
No code needed on drawings, super or wages cheques

Hope this helps"

Actually I still use QB vs 7.4 and I am able to get a sensible answer out it for the BAS Activity Statement. However I do find I need to double check them against the Tax Liability report for the period.

I find it fairly helpful to check the GST codes by running the General Ledger for the period month or Quarter under review
customising it to show the GST codes.

Actually my Accountant told me to do this and I have found it a very helpful tool over the last few years.
If there is no tax code next to the entry on then there is every liklihood you need to edit the entry.
This naturally only applies to Profit & Loss entries and Capital Expenditure.

If this is not clear enough please come back to me

I do hope it helps

Regards