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JJBC
JJBC
Level 1
posted
‎08-27-2019 04:49 PM
last updated ‎August 26, 2019 11:49 PM

What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and "GST

Probably a stupid question but what is the difference between the codes 'GST on purchases' and 'GST' and 'GST Free' and "GST free purchases'

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Best answer 08-27-2019
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Bonny_
QuickBooks Team
‎08-27-2019 05:13 PM

Re: What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and ...

Hi JJBC,

 

Good question! These GST codes are part of the ATO's simpler GST reporting guidelines set in place for businesses with a turnover of less than $10 million a year.

 

Here's a comprehensive article on what the difference is between these codes: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simp...

 

Hope this helps!

 

Bonny

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Bonny_
QuickBooks Team
‎08-27-2019 05:13 PM

Re: What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and ...

Hi JJBC,

 

Good question! These GST codes are part of the ATO's simpler GST reporting guidelines set in place for businesses with a turnover of less than $10 million a year.

 

Here's a comprehensive article on what the difference is between these codes: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-(GST)/Simp...

 

Hope this helps!

 

Bonny

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JJBC
JJBC
Level 1
‎08-27-2019 05:23 PM

Re: What is the difference between the two codes 'GST on purchases' and 'GST' and 'GST Free' and ...

Thanks Bonny. That really helped

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