GST on imports
Hi there, We have a client to whom we must claim the GST invoices paid when importing goods from overseas. In this case, we cannot go with the usual GST rate, the default 10% given through the MY...
Forum Discussion
Yeah I think similar to Bells1. eg you have $100 (100%) GST to claim. do a two line spend money as below (tax inclusive amounts)
COGS $1100 (tax code GST) (ie. grossed up x11)
COGS ($1000) (tax code N-T)
Net effect in the accounts is $nil to COGS, and $100 Dr to GST Paid
Doesnt matter if you COGS or any other account you want - its net nil to that account,
Xero has a specific tax code for GST on Imports which manages it perfectly, Unfortunately myob still requires this crazy workaround.
