i got a gst question, can anyone help?

atom00

My client has over claim GST last year and got $178 remaining in the tax account, can i offset this amount by putting in shareholder's loan?  But after i put this amount in, the shareholder's loan become debit.  Or should i do an amendment for Qtr 4's BAS.

Can anyone tell me what's the correct way to treat this amount.

Thanks in advance.

LONELYMELBOURNE

Firstly, $178 is immaterial amount, so you can leave it as it is and take a note on it for future reference. Alternatively, you can adjust last year's BAS or 4th Qtr's BAS this year.

Another choice is to recognise it as sundry income this year. But what i will do is to credit it to bank charge if there is more debit balance (this is a short cut, but not a right option :).

Anyway, it's just my personal opinion.

coollemon

Your client may get penelty[General Interest Charges] if adjust the last year's BAS.

Just simply create the new account call "GST Adjustment for 07/08 Yr" . The Journal Entries will be : DR Expenses and CR GST Adjustment 07/08 Yr.

Then, do the GST Adjustment Letter to your client, ask them to adjust the BAS in 1st Quarter of the following year.
Increase G1 by $1958, Increase 1A by $178, or Decrease $G11 by $1958, Decrease 1B by $178.

JeffShen

原帖由 atom00 于 2009-4-22 18:10 发表
My client has over claim GST last year and got $178 remaining in the tax account, can i offset this amount by putting in shareholder's loan?  But after i put this amount in, the shareholder's loan bec ...

you have three questions:

1. ver claim GST last year- depend on how much overclaimed there is guideline in ATO website called-Corect mistake in AS (you can search key words). If the time or $ amount threshold is exceeded, the only choice is to amend/ajdust history BAS. The general interest charge issue will apply.

2. If overclaim is the remaining balance of $178 only, you probably can adjust in the current period. That means there should not be general interest charge issue.

3.Why you offset by shareholder's loan? does it mean retained earning (equity)should be reduced due to the underestimated expense because it is the error for last year? It is only $178 so it is immaterial as suggested by other LZ. Just adjust current expense will do.

cg8180

原帖由 coollemon 于 2009-5-3 21:17 发表
Your client may get penelty[General Interest Charges] if adjust the last year's BAS.

Just simply create the new account call "GST Adjustment for 07/08 Yr" . The Journal Entries will be : DR Expense ...

咋居然还能EXPENSE掉??

LONELYMELBOURNE

原帖由 cg8180 于 10-5-2009 02:27 发表


咋居然还能EXPENSE掉??

帐是人做的，要灵活

cg8180

GST EXPENSE掉, ATO是傻的呀

LONELYMELBOURNE

原帖由 cg8180 于 10-5-2009 11:52 发表
GST EXPENSE掉, ATO是傻的呀

ATO不傻，但是犯不上为$178来conduct full audit....其实无所谓，各有各的做法，很多firm里的人也都是这么干的，但前提是immaterial,否则还是要按正确的方法处理。

cg8180

如果是10个$178或者更多100个$178呢...如果每笔帐都做得这么傻, 那加起的数目就不会IMMATERIAL了吧..而且这种做帐, 还不一眼就被人家给揪出来了... 要EXPENSE也得帐面上过得去...
这种直接EXPENSE, 贷方做GST ADJUSTMENT...这一眼晃过去就能查出来

qisiwole

原帖由 LONELYMELBOURNE 于 2009-4-22 19:15 发表
Firstly, $178 is immaterial amount, so you can leave it as it is and take a note on it for future reference. Alternatively, you can adjust last year's BAS or 4th Qtr's BAS this year.

Another choic ...

agree, just put in bank charge. even ato found out in audit, they wont issue any adj for just 178.

qisiwole

原帖由 atom00 于 2009-4-22 18:10 发表
My client has over claim GST last year and got $178 remaining in the tax account, can i offset this amount by putting in shareholder's loan?  But after i put this amount in, the shareholder's loan bec ...

wait a sec, how can a overclaimed gst creat a debit balance?

LONELYMELBOURNE

原帖由 cg8180 于 10-5-2009 21:12 发表
如果是10个$178或者更多100个$178呢...如果每笔帐都做得这么傻, 那加起的数目就不会IMMATERIAL了吧..而且这种做帐, 还不一眼就被人家给揪出来了... 要EXPENSE也得帐面上过得去...
这种直接EXPENSE, 贷方做GST ADJUS ...

lz好像说只有$178.  算了，不较真了。傻就傻吧，反正也不是我的帐。

糊里糊涂

原帖由 coollemon 于 2009-5-3 21:17 发表
Your client may get penelty[General Interest Charges] if adjust the last year's BAS.

Just simply create the new account call "GST Adjustment for 07/08 Yr" . The Journal Entries will be : DR Expense ...

惭愧的问, G1 , G11和1A,1B分别指什么呢?

LONELYMELBOURNE

原帖由 糊里糊涂 于 11-5-2009 09:04 发表



惭愧的问, G1 , G11和1A,1B分别指什么呢?

G1 Total sales including GST
G11 Non-capital purchase including GST
1A GST on Sales
1B GST on Purchases

糊里糊涂

原帖由 LONELYMELBOURNE 于 2009-5-12 22:42 发表



G1 Total sales including GST
G11 Non-capital purchase including GST
1A GST on Sales
1B GST on Purchases

终于明白那些是BAS上面的编码了!TKS