Taxes Configuration Australia

Introduction

Here we will see the list and a brief description of the tax categories and tax rates that will be loaded once this module is installed and the corresponding dataset is applied as explained here.

Tax Categories

To check the configuration follow these steps:

1. Login under the Administrator role of your client.

2. Go to Financial Management -> Accounting -> Setup -> Tax Category or just type "Tax Category" in the "Quick Launch".

3. You will see that the tax categories will be populated.

Tax Categories:

1. GST - Free : Products that do not have any GST applied. See https://www.ato.gov.au/Business/GST/When-to-charge-GST-(and-when-not-to)/GST-free-sales/

2. GST - Input Taxed : Products that are input taxed and cannot have any GST credits claimed for related purchases. See https://www.ato.gov.au/business/gst/when-to-charge-gst-(and-when-not-to)/input-taxed-sales/

3. GST - Taxable : Normal products that are taxable and must have GST applied when sold/purchase. See https://www.ato.gov.au/Business/GST/When-to-charge-GST-(and-when-not-to)/Taxable-sales/

4. Not Taxable : Products that are not taxable and should not be included in income/expense on activity statements.

Tax Rates

Tax Rates that are setup can be seen under:

1. Login under the Administrator role of your client.

2. Go to Financial Management -> Accounting -> Setup -> Tax Rate or just type "Tax Rate" in the "Quick Launch".

Tax Rates:

1. FRE - Sale/purchase that is GST Free

2. INP - Purchase that is input taxed

3. INS - Sale that is input taxed

4. EXP - Export sale (no GST)

5. GST - Standard sale/purchase that has GST applied

6. IMP - Import purchase (no GST)

7. NT - Item that is not taxed and is not reportable

Available Versions