Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to ...
Updated 9 years ago
Version 1.0
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As Duncan has stated, the situation needs to be assessed as to whether someone is a share holder or a share trader.
This will also impact on the coding of the sale and purchase coding of the entry, as if you are an actual share trader, these purchases and sales should be coded GST Free and included on a BAS, not coded as N-T (not reportable).
Whether you can claim the GST back then gets back to the fact that they are financial supplies and there is a financial threshold limit, on when GST can and can not be claimed back.
Very tricky subject to be discussing.