Welcome to the Issue 1 of the MYOB Newsletter, in the coming weeks the subject matter of our newsletter will be Best Practice uses of MYOB.   We hope you will find these hints and tips informative and of use to your business.  

 

If you require any further assistance with Best Practice handling of your MYOB, please don??t hesitate to contact us and we will arrange for one of our MYOB experienced staff to attend your business and assist you in getting the best and most efficient use out of your software and staff.

 

Suggested MYOB tax codes

 

Below are the only GST tax codes you will need to use in MYOB (except if you are in the Wine business), please use these as a guide and we suggest you delete any other ones you may have in your MYOB file.

 

If you require any further assistance with the uses of a tax code, please contact us.

 

CODE

DESCRIPTION

USES

GST

Goods & Services Tax

·          GST transactions where claimable by the business

FRE

GST Free

·          Bank Charges

·          Payments to suppliers who have an ABN but are not registered for GST

·          Donations

·          Interest Expense

·          Australian Securities and Investments Commissions Fees

·          GST free food items & other free items under the Act

ITS

Input Tax Sales

·          Expenses where an input tax credit is available how ever is prohibited under the Act to claim the GST because those expenses are deemed input taxed e.g. residential rent expenses

·          Expenses to financial suppliers

N-T

Not Reportable

·          Wages

·          Superannuation

·          Tax Payments

·          Fines

·          Shareholder Loans

·          Dividends Received/Paid

·          Depreciation

·          Principal payments on finance

·          Private expenses, or private portion of expenses that are not tax-deductible

CAP

GST on Capital Acquisitions

·          Capital expenses e.g. plant & equipments

LCT

Luxury Car Tax

·          Only used by car wholesalers, when invoicing out a new car to a customer

EXP

Export Sales

·          Sales to overseas customers